The House of Commons Library have issued a new report on the UK house Price Index, and can be seen here.
House prices, as measured by the UK House Price Index, increased by 10.0% between November 2020 and November 2021. On a seasonally adjusted basis, average house prices decreased by 1.4% between October and November 2021.
House prices grew at different rates across the UK’s countries and regions over the year to November 2021. House prices grew by 12.9% in the South West, 12.3% in the East of England and 12.1% in Wales. Growth was slowest in London at 5.1%, Yorkshire and the Humber at 7.2% and the North East at 8.7%.
Bank of England data on the number of mortgages approved to finance house purchases are a leading indicator of house sales.
Mortgage approvals for house purchases reached a lockdown-related record low in May 2020. Approvals then increased significantly towards the end of 2020, reaching levels last seen in August 2007. They have fallen since. Mortgage approvals in November 2021 were 0.2% lower than in the previous month and 35.8% lower than in November 2020.
Mortgage approvals fell from 67,103 in October 2021 to 66,964 in November 2021.
Housing starts and completions fell sharply in Q2 2020 reflecting the coronavirus lockdown. They have risen since.
There were 42,900 house building starts (seasonally adjusted) in England in Q2 2021, a 5% decrease compared with the previous quarter. There were more than twice as many house building starts in Q2 2021, compared with the lockdown low of Q2 2020.
There were 43,660 house building completions (seasonally adjusted) in England in Q2 2021, a 10% decrease compared with the previous quarter. There were more than twice as many house building completions in Q2 2021, compared with the lockdown low of Q2 2020.