Housing market trends reveal stark north-south divide
According to research and analysis by Pinerock Finance, the housing market trends reveal stark north-south divide.
The Land Registry data for March 2023, compiled by Pinerock Finance, demonstrates that the UK property market has experienced a marginal dip in average house prices between February and March 2023, from £264,298 to £263,312 (-0.37%).
Further analysis of the data reveals a disparity between the North and South of England, with the South showing a much stronger resilience in property prices.
The South West region experienced the biggest increase in average house prices from February to March 2023, bucking the overall trend of slight price decreases in other regions. In contrast, the North East region saw the most significant decrease in average house prices from February to March 2023, at -7.44%. Wales also experienced a significant decrease of -5.34% in average house prices during the same period.
Regions:
|
Region |
February 2023 |
March 2023 |
Change |
|
South West |
£304,515 |
£315,073 |
3.46% |
|
South East |
£366,913 |
£375,064 |
2.22% |
|
London |
£539,014 |
£540,394 |
0.26% |
|
East of England |
£330,371 |
£326,356 |
-1.22% |
|
Yorkshire and The Humber |
£181,404 |
£177,714 |
-2.03% |
|
North West |
£186,310 |
£180,846 |
-2.93% |
|
East Midlands |
£220,375 |
£213,820 |
-2.97% |
|
West Midlands |
£229,511 |
£218,280 |
-4.89% |
|
Wales |
£194,300 |
£183,294 |
-5.34% |
|
North-East |
£138,546 |
£128,239 |
-7.44% |
Top-performing towns in March 2023 include Guildford, Sevenoaks, and Cheltenham, with impressive increases of 11.54%, 6.93%, and 5.56% respectively in average house prices. You can see the full ranking of every town and city in the UK here.
Top performing towns in the UK:
|
City |
February 2023 |
March 2023 |
Change |
|
Guildford |
£518,526 |
£578,450 |
11.54% |
|
Sevenoaks |
£595,136 |
£636,437 |
6.93% |
|
Cheltenham |
£327,104 |
£345,257 |
5.56% |
|
Salford |
£194,703 |
£204,763 |
5.16% |
|
Rochdale |
£166,628 |
£174,545 |
4.75% |
|
Harrogate |
£328,713 |
£343,225 |
4.41% |
|
Truro |
£358,554 |
£373,535 |
4.18% |
|
Torquay |
£235,445 |
£245,126 |
4.11% |
|
Swindon |
£259,877 |
£270,171 |
3.96% |
|
Wirral |
£240,845 |
£250,187 |
3.88% |
When broken down by house type, detached houses are performing the best, with a 1.59% increase from February to March 2023. On the other hand, terraced houses have seen the most significant decrease in prices during the same period, at -3.92%.
For more information on regional and house type performance, and top-performing towns, visit the Pinerock Finance website.
Kindly shared by Pinerock Finance
Main article photograph courtesy of Pixabay
