Housing Market: Key Economic Indicators

The House of Commons Library has just released it’s regular report on economic indicators in the housing market

It can be seen here, and says:

Housing Market

House prices, as measured by the UK House Price Index,  increased by 13.6% between August 2021 and August 2022.
On a seasonally adjusted basis, average house prices increased by 1.1% between July and August 2022.

House prices grew at different rates across the UK’s countries and regions over the year to August 2022. House prices grew fastest in the South West, East Midlands and the North West. House price growth was slowest in London, Northern Ireland and Scotland. Data for Northern Ireland are for the year to Quarter 2 2022, rather than the year to August 2022.

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 but did increase again in the latest month. Mortgage approvals for house purchases
in August 2022 were up 1.7% on a year ago and up 16.6% on July 2022.

There were 74,340 mortgage approvals in August 2022, compared with 73,075 in August 2021.

Housing starts and completions fell sharply in Q2 2020 reflecting the coronavirus lockdown. Both are now higher.

There were 51,730 house building starts (seasonally adjusted) in England in Q2 2022, a 21% increase compared with the previous quarter, and a 15% increase compared with the same quarter of 2021.

There were 44,940 house building completions (seasonally adjusted) in England in Q2 2022, a 3% increase compared with the previous quarter, and a 6% increase compared with the same quarter of 2021.

 

 

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