HM Land Registry: UK House Price Index for November 2023

HM Land Registry publish UK House Price Index for November 2023, showing price changes for England, Scotland, Wales and Northern Ireland.

The November data shows:

• • on average, house prices have fallen -0.8% since October 2023
  • there has been an annual price fall of -2.1% which makes the average property in the UK valued at £285,000

England

In England the November data shows, on average, house prices have fallen by -1.2% since October 2023. The annual price fall of -2.9% takes the average property value to £302,000.

The regional data for England indicates that:

• • every region experienced negative monthly growth except Yorkshire and the Humber, where there was 0.0% change in house prices
  • the West Midlands region saw the most significant monthly price fall with a movement of -3.1%
  • no region experienced positive annual growth; the North-East experienced the smallest decrease in its average property value over the last 12 months with a movement of -0.4%
  • London saw the lowest annual price growth, with a fall of 6.0%

Price change by region for England:

Repossession sales by volume for England:

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

The highest number of repossession sales in September 2023 was in the North-East and North-West.

Average price by property type for England:

Funding and buyer status for England:

Building status for England:

* Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

London

London shows, on average, house prices have fallen by -2.2% since October 2023. An annual price fall of -6% takes the average property value to £505,000.

Average price by property type for London:

Funding and buyer status for London:

Building status for London:

* Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

Wales

Wales shows, on average, house prices have fallen by 0.3% since October 2023. An annual price fall of 2.4% takes the average property value to £213,000.

There were 12 repossession sales for Wales in September 2023.

Average price by property type for Wales:

Funding and buyer status for Wales:

Building status for Wales:

* Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

UK house prices:

UK house prices fell by 2.1% in the year to November 2023, compared with a decrease of 1. 3% in October 2023. On a non-seasonally adjusted basis, average house prices in the UK decreased by 0.8% between October 2023 and November 2023, compared with no change (0.0%) during the same period a year earlier (October and November 2022).

The UK Property Transactions Statistics showed that in November 2023, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 87,640. This is 22.% lower than a year ago (November 2022). Between October and November 2023, UK transactions decreased by 2% on a seasonally adjusted basis.

The North-East experienced the smallest decrease in its average property value over the last 12 months with a movement of -0.4%. London was the English region with the lowest annual inflation, where prices decreased by 6.0% in the 12 months to November 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.

Access the full UK HPI.

Kindly shared by HM Land Registry