HM Land Registry published its House Price Index for May 2023
HM Land Registry published House Price Index for May 2023, showing house price changes for England, Scotland, Wales and Northern Ireland.
The May data shows:
-
- on average, house prices have not changed since April 2023
- there has been an annual price rise of 1.9% which makes the average property in the UK valued at £285,861
England
In England, the May data shows that, on average, house prices have fallen 0.4% since April 2023. The annual price rise of 1.7% takes the average property value to £303,557.
The regional data for England indicates that:
-
- the West Midlands experienced the greatest monthly price rise with an increase of 0.5%
- London saw the most significant monthly price fall, with a movement of -1.2%
- the North East experienced the greatest annual price rise, up by 4.0%
- the East of England saw the lowest annual price growth, with an increase of 0.0%
Price change by region for England:
|
Region |
Average price May 2023 |
Annual change % since May 2022 |
Monthly change % since April 2023 |
|
East Midlands |
£247,242 |
3.4 |
0.3 |
|
East of England |
£345,710 |
0.0 |
-0.8 |
|
London |
£525,629 |
0.8 |
-1.2 |
|
North East |
£158,779 |
4.0 |
-1.0 |
|
North West |
£211,790 |
2.7 |
-0.2 |
|
South East |
£388,873 |
1.5 |
-0.9 |
|
South West |
£323,765 |
1.0 |
-0.2 |
|
West Midlands |
£248,166 |
2.2 |
0.5 |
|
Yorkshire and the Humber |
£204,588 |
1.2 |
-0.4 |
Repossession sales by volume for England:
The lowest number of repossession sales in March 2023 was in the East Midlands and East of England.
The highest number of repossession sales in March 2023 was in the North East.
|
Repossession sales |
March 2023 |
|
East Midlands |
2 |
|
East of England |
2 |
|
London |
14 |
|
North East |
19 |
|
North West |
17 |
|
South East |
16 |
|
South West |
3 |
|
West Midlands |
8 |
|
Yorkshire and the Humber |
11 |
|
England |
92 |
Average price by property type for England:
|
Property type |
May 2023 |
May 2022 |
Difference % |
|
Detached |
£478,030 |
£468,773 |
2 |
|
Semi-detached |
£289,575 |
£285,968 |
1.3 |
|
Terraced |
£247,907 |
£244,456 |
1.4 |
|
Flat/maisonette |
£249,976 |
£245,322 |
1.9 |
|
All |
£303,557 |
£298,596 |
1.7 |
Funding and buyer status for England:
|
Transaction type |
Average price May 2023 |
Annual price change % since May 2022 |
Monthly price change % since April 2023 |
|
Cash |
£284,143 |
1.4 |
-0.4 |
|
Mortgage |
£313,219 |
1.8 |
-0.5 |
|
First-time buyer |
£251,894 |
1.7 |
-0.3 |
|
Former owner/occupier |
£348,052 |
1.6 |
-0.6 |
Building status for England:
|
Building status |
Average price March 2023 |
Annual price change % since March 2022 |
Monthly price change % since February 2023 |
|
New-build |
£439,033 |
19.5 |
0.8 |
|
Existing resold property |
£295,748 |
3.2 |
-1.3 |
London
London shows, on average, house prices have fallen 1.2% since April 2023. An annual price rise of 0.8% takes the average property value to £525,629.
Average price by property type for London:
|
Property type |
May 2023 |
May 2022 |
Difference % |
|
Detached |
£1,061,480 |
£1,073,598 |
-1.1 |
|
Semi-detached |
£668,721 |
£678,595 |
-1.5 |
|
Terraced |
£573,105 |
£571,469 |
0.3 |
|
Flat/maisonette |
£439,987 |
£431,469 |
2.0 |
|
All |
£525,629 |
£521,561 |
0.8 |
Funding and buyer status for London:
|
Transaction type |
Average price May 2023 |
Annual price change % since May 2022 |
Monthly price change % since April 2023 |
|
Cash |
£546,177 |
1.3 |
-0.6 |
|
Mortgage |
£518,898 |
0.7 |
-1.4 |
|
First-time buyer |
£453,057 |
0.9 |
-1.2 |
|
Former owner/occupier |
£604,633 |
0.6 |
-1.3 |
Building status for London:
|
Building status |
Average price March 2023 |
Annual price change % since March 2022 |
Monthly price change % since February 2023 |
|
New-build |
£607,043 |
16.5 |
-0.3 |
|
Existing resold property |
£517,783 |
0.4 |
-1.9 |
Wales
Wales shows, on average, house prices have risen by 0.6% since April 2023. An annual price rise of 1.8% takes the average property value to £213,374.
There were 6 repossession sales for Wales in March 2023.
Average price by property type for Wales:
|
Property type |
May 2023 |
May 2022 |
Dfference % |
|
Detached |
£326,767 |
£320,304 |
2 |
|
Semi-detached |
£205,423 |
£203,512 |
0.9 |
|
Terraced |
£167,078 |
£163,720 |
2.1 |
|
Flat/maisonette |
£136,517 |
£133,100 |
2.6 |
|
All |
£213,374 |
£209,599 |
1.8 |
Funding and buyer status for Wales:
|
Transaction type |
Average price May 2023 |
Annual price change % since May 2022 |
Monthly price change % since April 2023 |
|
Cash |
£205,800 |
1.6 |
0.6 |
|
Mortgage |
£217,724 |
1.9 |
0.6 |
|
First-time buyer |
£183,564 |
1.7 |
0.9 |
|
Former owner/occupier |
£248,540 |
2.0 |
0.3 |
Building status for Wales:
|
Building status |
Average price March 2023 |
Annual price change % since March 2022 |
Monthly price change % since February 2023 |
|
New-build |
£339,170 |
21.1 |
1.1 |
|
Existing resold property |
£209,387 |
4.8 |
-0.4 |
UK house prices:
The annual percentage change for average UK house prices was 1.9% in the 12 months to May 2023, compared with 3.2% in the 12 months to April 2023.
The average UK house price was £286,000 in May 2023, which is £6,000 higher than 12 months ago, but £7,000 below the recent peak in September 2022.Average house prices increased over the 12 months to £304,000 (1.7%) in England, to £213,000 in Wales (1.8%), to £193,000 in Scotland (3.2%) and to £172,000 in Northern Ireland (5.0%).
On a non-seasonally adjusted basis, average UK house prices were little changed between April 2023 and May 2023, while average UK house prices increased by 1.3% during the same period 12 months ago.
The UK Property Transactions Statistics showed that in May 2023, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 80,020. This is 27.0% lower than 12 months ago (May 2022). Between April 2023 and May 2023, UK transactions decreased by 2.7% on a seasonally adjusted basis.
Annual house price inflation was highest in the North East where prices increased by 4.0% in the 12 months to May 2023. The East of England was the English region with the lowest annual growth, where prices were little changed in the 12 months to May 2023.
See the economic statement.
The UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion. As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.
Kindly shared by HM Land Registry
Main article photo courtesy of Pixabay
