HM Land Registry publish UK House Price Index for July 2023

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

The July data shows:

• • on average, house prices have risen 0.5% since June 2023
  • there has been an annual price rise of 0.6% which makes the average property in the UK valued at £289,824

England

In England the July data shows, on average, house prices have risen by 0.4% since June 2023. The annual price rise of 0.6% takes the average property value to £308,633.

The regional data for England indicates that:

• • Yorkshire and the Humber experienced the greatest monthly rise with a movement of 1.5%
  • the East Midlands saw the lowest monthly price growth, with a fall of -0.5%
  • the North East experienced the greatest annual price rise, up by 2.7%
  • the South West saw the lowest annual price growth, with a fall of -1.0%

Price change by region for England:

Repossession sales by volume for England:

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

The highest number of repossession sales in May 2023 was in the North West.

Average price by property type for England:

Funding and buyer status for England:

Building status for England:

London

London shows, on average, house prices have risen by 1.1% since June 2023. An annual price fall of -0.8% takes the average property value to £534,265.

Average price by property type for London:

Funding and buyer status for London:

Building status for London:

Wales

Wales shows, on average, house prices have rise by 1.1% since June 2023. An annual price fall of -0.1% takes the average property value to £215,632.

There were 3 repossession sales for Wales in May 2023.

Average price by property type for Wales:

Funding and buyer status for Wales:

Building status for Wales:

UK house prices:

The annual percentage change for average UK house prices was 0.6% in the 12 months to July 2023, compared with 1.9% in the 12 months to June 2023.

UK house prices increased by 0.6% in the year to July 2023, down from 2.1% in June 2023. On a non-seasonally adjusted basis, average house prices in the UK increased by 0.5% between June and July 2023, compared with an increase of 1.9% during the same period a year earlier (June and July 2023).

On a non-seasonally adjusted basis, average UK house prices increased by 0.5% between June 2023 and July 2023, compared with an increase of 1.9% during the same period 12 months ago.

The UK Property Transactions Statistics showed that in July 2023, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 86,510. This is 16.3% lower than a year ago. Between June and July 2023, UK transactions increased by 0.8% on a seasonally adjusted basis.

House price growth was strongest in the North East where prices increased by 2.7% in the year to July 2023. The lowest annual growth was in the South West, where prices increased by 1% in the year to July 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