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.
Kindly shared by HM Land Registry
Main article photo courtesy of Pixabay
