HM Land Registry: UK House Price Index for September 2023

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

The September data shows:

• • on average, house prices have fallen 0.5% since August 2023
  • there has been an annual price fall of 0.1% which makes the average property in the UK valued at £291,000

England

In England the September data shows, on average, house prices have fallen by 0.5% since September 2023. The annual price fall of 0.5% takes the average property value to £310,000.

The regional data for England indicates that:

• • the North West experienced the greatest monthly rise with a movement of 0.5%
  • Yorkshire and the Humber saw the lowest monthly price growth, with a fall of 2.0%
  • the North East experienced the greatest annual price rise, up by 1.6%
  • the South West saw the lowest annual price growth, with a fall of 1.6%

Price change by region for England:

Repossession sales by volume for England:

The lowest number of repossession sales in July 2023 was in the East of England and South West.

The highest number of repossession sales in July 2023 was in the 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 0.3% since August 2023. An annual price fall of 1.1% takes the average property value to £537,424.

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 0.9% since August 2023. An annual price fall of 2.7% takes the average property value to £215,000.

There were 2 repossession sales for Wales in June 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 0.1% in the year to September 2023, compared with 0.8% in August 2023. On a non-seasonally adjusted basis, average house prices in the UK decreased by 0.5% between August 2023 and September 2023, compared with an increase of 0.4% during the same period a year earlier (August and September 2023).

The UK Property Transactions Statistics showed that in September 2023, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 86,610. This is 17% lower than a year ago (September 2022). Between August and September 2023, UK transactions decreased by 0.6% on a seasonally adjusted basis.

House price growth was strongest in the North East where prices increased by 1.6% in the year to September 2023. The lowest annual growth was in the South West, where prices decreased by 1.6% in the year to September 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