HM Land Registry publishes its House Price Index for June 2023

HM Land Registry publishes its House Price Index for June 2023, showing house price changes for England, Scotland, Wales and Northern Ireland.

The June data shows:
    • on average, house prices have risen 0.7% since May 2023
    • there has been an annual price rise of 1.7% which makes the average property in the UK valued at £287,546

England

In England, the June data shows that, on average, house prices have risen 0.9% since May 2023. The annual price rise of 1.9% takes the average property value to £306,447.

The regional data for England indicates that:
    • Yorkshire and the Humber experienced the greatest monthly price rise with an increase of 2.1%
    • the South West saw the most significant monthly price fall, with a movement of -0.5%
    • the North East experienced the greatest annual price rise, up by 4.7%
    • London saw the lowest annual price growth, with an increase of -0.6%
Price change by region for England:

Region

Average price June 2023

Annual change % since June 2022

Monthly change % since May 2023

East Midlands

£248,678

2.4

1.3

East of England

£351,213

1.1

1.3

London

£527,979

-0.6

0.5

North East

£161,034

4.7

1.8

North West

£215,631

3.5

1.2

South East

£391,406

1.3

0.6

South West

£321,152

0.5

-0.5

West Midlands

£250,743

3.2

0.7

Yorkshire and the Humber

£208,867

2.7

2.1

 

Repossession sales by volume for England:

The lowest number of repossession sales in April 2023 was in the East of England.

The highest number of repossession sales in April 2023 was in the North West.

Repossession sales

April 2023

East Midlands

7

East of England

3

London

10

North East

12

North West

14

South East

13

South West

4

West Midlands

8

Yorkshire and the Humber

7

England

78

 

Average price by property type for England:

Property type

June 2023

June 2022

Difference %

Detached

£480,620

£468,757

2.5

Semi-detached

£294,636

£287,750

2.4

Terraced

£249,817

£247,600

0.9

Flat/maisonette

£251,375

£248,621

1.1

All

£306,447

£300,843

1.9

 

Funding and buyer status for England:

Transaction type

Average price June 2023

Annual price change % since June 2022

Monthly price change % since May 2023

Cash

£287,350

1.9

1.0

Mortgage

£315,986

1.8

0.9

First-time buyer

£254,458

1.7

1.0

Former owner/occupier

£351,117

1.9

0.8

 

Building status for England:

Building status

Average price April 2023

Annual price change % since April 2022

Monthly price change % since March 2023

New-build

£436,403

20.8

0.9

Existing resold property

£296,620

2.4

0.4

 

London

London shows, on average, house prices have risen 0.5% since May 2023. An annual price fall of 0.6% takes the average property value to £527,979.

Average price by property type for London:

Property type

June 2023

June 2022

Difference %

Detached

£1,068,225

£1,079,524

-1.0

Semi-detached

£684,151

£687,255

-0.5

Terraced

£573,988

£584,514

-1.8

Flat/maisonette

£440,235

£439,811

0.1

All

£527,979

£531,219

-0.6

 

Funding and buyer status for London:

Transaction type

Average price June 2023

Annual price change % since June 2022

Monthly price change % since May 2023

Cash

£547,925

-0.4

0.5

Mortgage

£521,411

-0.7

0.5

First-time buyer

£455,286

-0.5

0.5

Former owner/occupier

£607,111

-0.8

0.5

 

Building status for London:

Building status

Average price April 2023

Annual price change % since April 2022

Monthly price change % since March 2023

New-build

£607,722

18.0

2.2

Existing resold property

£527,949

1.1

1.9

 

Wales

Wales shows, on average, house prices have risen by 0.2% since May 2023. An annual price rise of 0.6% takes the average property value to £213,477.

There were 6 repossession sales for Wales in April 2023.

Average price by property type for Wales:

Property type

June 2023

June 2022

Difference %

Detached

£325,991

£322,138

1.2

Semi-detached

£208,067

£206,049

1.0

Terraced

£166,517

£167,135

-0.4

Flat/maisonette

£133,980

£134,233

-0.2

All

£213,477

£212,290

0.6

 

Funding and buyer status for Wales:

Transaction type

Average price June 2023

Annual price change % since June 2022

Monthly price change % since May 2023

Cash

£205,232

-0.1

-0.1

Mortgage

£218,160

0.9

0.4

First-time buyer

£183,805

0.1

0.3

Former owner/occupier

£248,387

1.0

0.2

 

Building status for Wales:

Building status

Average price April 2023

Annual price change % since April 2022

Monthly price change % since March 2023

New-build

£328,449

19.1

-1.6

Existing resold property

£205,984

0.9

-1.4

 

UK house prices:

The annual percentage change for average UK house prices was 1.7% in the 12 months to June 2023, compared with 1.8% in the 12 months to May 2023.

The average UK house price was £288,000 in June 2023, which is £5,000 higher than 12 months ago, but £5,000 below the recent peak in November 2022.Average house prices increased over the 12 months to £306,000 (1.9%) in England, to £213,000 in Wales (0.6%) and to £174,000 in Northern Ireland (2.7%). While the average Scotland house price in June 2023 (£189,000) saw little change over the 12 months (0.0%).

On a non-seasonally adjusted basis, average UK house prices increased by 0.7% between May 2023 and June 2023, compared with an increase of 0.8% during the same period 12 months ago.

Annual house price inflation was highest in the North East where prices increased by 4.7% in the 12 months to June 2023. London was the English region with the lowest annual growth, where prices decreased by 0.6% in the 12 months to June 2023.

The UK Property Transactions Statistics showed that in June 2023, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 85,870. This is 15.4% lower than 12 months ago (June 2022). Between May 2023 and June 2023, UK transactions increased by 6.1% on a seasonally adjusted basis.

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.

 

Access the full UK HPI.

 

Kindly shared by HM Land Registry

Main article photo courtesy of Pixabay