Latest ONS House Price Index for November 2022 published

The latest ONS House Price Index for November 2022 has been published, covering the figures for house sales up to the end of November 2022.

1. Main points

- Average UK house prices increased by 10.3% in the year to November 2022, down from 12.4% in October 2022.
- The average UK house price was £295,000 in November 2022, which is £28,000 higher than this time last year but a slight decrease from last month’s record high of £296,000.
- Average house prices increased over the year to £315,000 (10.9%) in England, to £220,000 in Wales (10.7%), to £191,000 in Scotland (5.5%) and to £176,000 in Northern Ireland (10.7%).
- Scotland’s annual house price inflation has generally been slowing since April 2022, reaching 5.5% in the year to November 2022, down from 14.2% in the year to April 2022.
- The North West saw the highest annual percentage change in the year to November 2022 (13.5%), while London saw the lowest (6.3%) of all English regions.

2. UK house prices

The latest house price data published on GOV.UK by HM Land Registry (HMLR) for November 2022 show that average house prices in the UK increased by 10.3% in the year to November 2022. This was down from 12.4% in the year to October 2022.

The coronavirus (COVID-19) pandemic affected the supply of housing transactions for a period of time. Further information can be found in Measuring the data.

Notes:

- Not seasonally adjusted.
- HMLR’s UK House Price Index (HPI) release on GOV.UK is available to download.

The average UK house price was £295,000 in November 2022, which is £28,000 higher than this time last year, but down slightly from the previous month’s record high of £296,000.

Recent annual percentage changes in house prices have been volatile because of volatility in prices in 2021. For example, the October 2022 annual percentage change was high, partly caused by a sharp fall in UK average house prices in October 2021, following changes to Stamp Duty Land Tax. This is known as a base effect, as explained in our Beware base effects article.

The average UK house price annual percentage change was 10.3% in the year to November 2022, down from 12.4% in the year to October 2022.

The provisional seasonally adjusted estimate of UK residential transactions in November 2022 was 107,190, as shown in HM Revenue and Customs’ (HMRC’s) Monthly property transactions statistics. This is 13.3% higher than November 2021 and 0.2% higher than October 2022.

Notes:

- Not seasonally adjusted.
- HMLR’s UK House Price Index (HPI) release on GOV.UK is available to download.

The average UK house price was £295,000 in November 2022; this is £28,000 higher than in November 2021.

On a non-seasonally adjusted basis, the average UK house price decreased by 0.3% between October and November 2022. The average UK house price increased by 1.5% between October and November 2021.

On a seasonally adjusted basis, the average UK house price increased by 0.1% between October and November 2022, following an increase of 0.5% in the previous month.

3. House prices by country

Notes:

- Not seasonally adjusted.
- The HMLR’s UK House Price Index (HPI) release on GOV.UK is available to download.
- Northern Ireland (NI) data are only available on a quarterly basis; Northern Ireland data will be copied forward until next quarter’s data is available, which will be in the December 2022 bulletin released 15 February 2022.
- Further information on Northern Ireland HPI publications and future release schedules can be viewed.

The average house price annual percentage change slowed in each of England, Wales and Scotland in the year to November 2022, compared with the year to October 2022.

The average house price in Scotland increased by 5.5% over the year to November 2022, down from an increase of 7.9% in the year to October 2022. The average house price in Scotland was £191,000 in November 2022. Annual house price inflation in Scotland has generally been slowing since April 2022, slowing to 5.5% in the year to November 2022, down from 14.2% in the year to April 2022.

The average house price in Wales increased by 10.7% over the year to November 2022, down from an increase of 11.9% in the year to October 2022. The average house price in Wales was £220,000 in November 2022.

The average house price in England increased by 10.9% over the year to November 2022, down from an increase of 13.0% in the year to October 2022. The average house price in England was £315,000 in November 2022.

The average house price in Northern Ireland increased by 10.7% over the year to Quarter 3 (July to Sept) 2022. Northern Ireland remains the cheapest country in the UK in which to purchase a property, with the average house price at £176,000.

4. House prices by region in England

Notes:

- Not seasonally adjusted.
- HMLR’s UK House Price Index (HPI) release on GOV.UK is available to download.

The North East continued to have the lowest average house price of all English regions, at £163,000 in November 2022.

The North West was the region with the highest annual house price inflation in November 2022. Average prices in the North West increased by 13.5% in the year to November 2022, down from an annual percentage change of 16.1% in October 2022.

London’s average house prices remain the most expensive of any region in the UK, with an average price of £542,000 in November 2022.

London was the English region with the lowest annual house price inflation, with average prices increasing by 6.3% in the year to November 2022. This was down from an annual percentage change of 6.7% in October 2022.

Notes:

- Data at the local authority level and other breakdowns can be found in the HMLR’s UK House Price Index (HPI) release on GOV.UK‘.
- Because of the impact of the coronavirus (COVID-19) pandemic on the supply of housing transactions, we might continue to see larger revisions to the published UK House Price Index (HPI) estimates than usual, particularly at the lower geographical levels where transaction volumes are smaller.

5. House Price Index data

- UK House Price Index
  Dataset | Released 18 January 2023
  Monthly house price movements, including average price by property type, sales and cash mortgage sales, as well as information on first-time buyers, new builds and former owner occupiers. Data are collected by HM Land Registry and published on GOV.UK.
- House price data: quarterly tables
  Dataset | Released 16 November 2022
  Quarterly house price data based on a sub-sample of the Regulated Mortgage Survey.
- House price data: annual tables 20 to 39
  Dataset | Released 20 July 2022
  Annual house price data based on a sub-sample of the Regulated Mortgage Survey.