HM Land Registry publishes UK House Price Index January 2023
The UK House Price Index January 2023 data shows house price changes for England, Scotland, Wales and Northern Ireland to January 2023.
The January data shows:
-
- on average, house prices have fallen by 1.1% since December 2022
- there has been an annual price rise of 6.3% which makes the average property in the UK valued at £289,818
England
In England, the January data shows that, on average, house prices have fallen 1.2% since December 2022. The annual price rise of 6.9% takes the average property value to £310,159.
The regional data for England indicates that:
-
- the North East experienced the greatest annual price rise, up by 10.0%
- the North East experienced the greatest monthly growth, with an increase of 0.6%
- London saw the lowest annual price growth, with an increase of 3.2%
- Yorkshire and The Humber saw the most significant monthly price fall, with a movement of –2.5%
Price change by region for England:
|
Region |
Average price January 2023 |
Annual change % since January 2022 |
Monthly change % since December 2022 |
|
East Midlands |
£251,177 |
8.6 |
-1.7 |
|
East of England |
£358,114 |
6.8 |
-1.1 |
|
London |
£533,986 |
3.2 |
-1.0 |
|
North East |
£163,371 |
10 |
0.6 |
|
North West |
£214,431 |
7.2 |
-2.4 |
|
South East |
£398,368 |
6.3 |
-1.2 |
|
South West |
£329,691 |
7.1 |
-0.4 |
|
West Midlands |
£256,694 |
9.9 |
0.2 |
|
Yorkshire and the Humber |
£207,635 |
6.5 |
-2.5 |
Repossession sales by volume for England:
The lowest number of repossession sales in November 2022 was in the East of England.
The highest number of repossession sales in November 2022 was in the North West.
|
Repossession sales |
November 2022 |
|
East Midlands |
4 |
|
East of England |
1 |
|
London |
8 |
|
North East |
7 |
|
North West |
26 |
|
South East |
10 |
|
South West |
5 |
|
West Midlands |
10 |
|
Yorkshire and the Humber |
5 |
|
England |
76 |
Average price by property type for England:
|
Property type |
January 2023 |
January 2022 |
Difference % |
|
Detached |
£489,112 |
£456,138 |
7.2 |
|
Semi-detached |
£299,047 |
£277,134 |
7.9 |
|
Terraced |
£253,547 |
£235,755 |
7.5 |
|
Flat/maisonette |
£250,328 |
£241,647 |
3.6 |
|
All |
£310,159 |
£290,016 |
6.9 |
Funding and buyer status for England:
|
Transaction type |
Average price January 2023 |
Annual price change % since January 2022 |
Monthly price change % since December 2022 |
|
Cash |
£290,331 |
6.7 |
-1.0 |
|
Mortgage |
£320,027 |
7.0 |
-1.2 |
|
First-time buyer |
£257,146 |
6.9 |
-1.6 |
|
Former owner/occupier |
£356,042 |
7.0 |
-0.9 |
Building status for England:
|
Building status |
Average price November 2022 |
Annual price change % since November 2021 |
Monthly price change % since October 2022 |
|
New-build |
£445,990 |
24.1 |
7.6 |
|
Existing resold property |
£307,024 |
10.0 |
0.2 |
London
London shows, on average, house prices have fallen 1.0% since December 2022. An annual price rise of 3.2% takes the average property value to £533,986.
Average price by property type for London:
|
Property type |
January 2023 |
January 2022 |
Difference % |
|
Detached |
£1,094,132 |
£1,044,080 |
4.8 |
|
Semi-detached |
£699,758 |
£663,809 |
5.4 |
|
Terraced |
£589,355 |
£561,146 |
5.0 |
|
Flat/maisonette |
£438,596 |
£434,068 |
1.0 |
|
All |
£533,986 |
£517,229 |
3.2 |
Funding and buyer status for London:
|
Transaction type |
Average price January 2023 |
Annual price change % since January 2022 |
Monthly price change % since December 2022 |
|
Cash |
£547,903 |
1.6 |
-0.9 |
|
Mortgage |
£528,619 |
3.6 |
-1.0 |
|
First-time buyer |
£459,631 |
2.9 |
-1.3 |
|
Former owner/occupier |
£615,569 |
3.6 |
-0.7 |
Building status for London:
|
Building status |
Average price November 2022 |
Annual price change % since November 2021 |
Monthly price change % since October 2022 |
|
New-build |
£612,084 |
18.1 |
6.9 |
|
Existing resold property |
£536,790 |
5.1 |
0.0 |
Wales
Wales shows, on average, house prices have fallen by 2.3% since December 2022. An annual price rise of 5.8% takes the average property value to £216,871.
There were 5 repossession sales for Wales in November 2022.
Average price by property type for Wales:
|
Property type |
January 2023 |
January 2022 |
Difference % |
|
Detached |
£332,208 |
£315,842 |
5.2 |
|
Semi-detached |
£211,471 |
£198,890 |
6.3 |
|
Terraced |
£168,941 |
£158,760 |
6.4 |
|
Flat/maisonette |
£135,249 |
£130,642 |
3.5 |
|
All |
£216,871 |
£204,946 |
5.8 |
Funding and buyer status for Wales:
|
Transaction type |
Average price January 2023 |
Annual price change % since January 2022 |
Monthly price change % since December 2022 |
|
Cash |
£209,534 |
5.3 |
-2.4 |
|
Mortgage |
£221,122 |
6.1 |
-2.3 |
|
First-time buyer |
£186,725 |
6.0 |
-2.5 |
|
Former owner/occupier |
£252,342 |
5.6 |
-2.1 |
Building status for Wales:
|
Building status |
Average price November 2022 |
Annual price change % since November 2021 |
Monthly price change % since October 2022 |
|
New-build |
£342,545 |
26.3 |
6.9 |
|
Existing resold property |
£216,213 |
11.0 |
-0.7 |
UK house prices:
The annual percentage change for average UK house prices was 6.3% in the 12 months to January 2023, compared with 9.3% in the 12 months to December 2022 and 10.2% in the 12 months to November 2022.
The average UK house price was £290,000 in January 2023, which is £17,000 higher than 12 months ago. Average house prices increased over the 12 months to £310,000 (6.9%) in England, to £217,000 in Wales (5.8%), to £185,000 in Scotland (1.0%) and to £175,000 in Northern Ireland (10.2%).
On a non-seasonally adjusted basis, average UK house prices decreased by 1.1% between December 2022 and January 2023, while average UK house prices increased by 1.7% during the same period 12 months ago. This caused the UK annual inflation rate to slow this month.
The UK Property Transactions Statistics showed that in January 2023, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 96,650. This is 10.6% lower than 12 months ago (January 2022). Between December 2022 and January 2023, UK transactions decreased by 2.6% on a seasonally adjusted basis.
The fastest growing region was the North East, with annual percentage change at 10.0% in the 12 months to January 2023. The lowest annual percentage change was in London, where prices increased by 3.2% in the 12 months to January 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
