UK cities where house prices are falling quickest and slowest in 2023

Analysis by housing market experts, Pinerock Finance, of Land Registry data (released yesterday) reveals the UK cities where house prices are falling quickest and slowest in 2023.

They have identified the regions and cities where house prices in England and Wales are declining the most.

The data reveals that in February 2023, the average residential house in England and Wales cost £266,194, a 3.4% decline from £275,498 in January 2023. This figure reflects a decrease of 8.3% in just six months since the market’s high point of £290,309 in September 2022.

Property type prices in England and Wales January to February 2023:

- Detached properties decreased from £465,017 to £454,769 (-2.2%)
- Semi-detached homes decreased from £272,743 to £264,873 (-2.9%)
- Terraced properties decreased from £219,007 to £211,023 (-3.6%)
- Flats declined from £230,087 to £217,305 (-5.6%)

Top 10 cities where house prices are declining fastest:

Cheltenham is the UK city where house prices are declining the fastest, with the average sale price in February reduced by 8.7% compared to January. Closely following Cheltenham is Milton Keynes and Durham who have both declined by more than 6% in the last month alone. However, southern cities are no exception with Brighton, Swansea, Bournemouth, and Plymouth all also featuring in the top 10.

Region	January	February	Difference
Cheltenham	£349,528	£319,289	-8.7%
Milton Keynes	£308,937	£284,819	-7.8%
Durham	£142,987	£132,142	-7.6%
Middlesbrough	£120,293	£111,645	-7.2%
Brighton	£443,128	£416,129	-6.1%
Bournemouth	£312,282	£295,105	-5.5%
Swansea	£183,555	£174,271	-5.1%
Peterborough	£247,921	£236,870	-4.5%
Ashford	£356,908	£341,377	-4.4%
Plymouth	£219,556	£210,342	-4.2%

Top 10 Cities where house prices are declining slowest:

On the other hand, some cities in the UK are experiencing an increase in house prices, with Solihull at the top of this list seeing an impressive 8% increase in February compared to January 2023. Closely followed by Maidstone, another town seeing a near 8% increase in house value.

Region	January	February	Difference
Solihull	£373,695	£403,427	8.0%
Maidstone	£357,818	£386,263	7.9%
Newcastle-upon-Tyne	£185,279	£194,762	5.1%
Cambridge	£460,511	£482,260	4.7%
Doncaster	£158,447	£165,493	4.4%
Reading	£425,229	£440,012	3.5%
Southampton	£286,546	£292,634	2.1%
Swindon	£266,461	£271,154	1.8%
Cardiff	£271,082	£274,950	1.4%
City of London	£609,628	£618,167	1.4%