Our monthly Property Surveying summary of property market news, survey data, statistics, trends and information. (All figures below are the most recently available data.)
Data source: Land Registry
UK average house price = £296,422, 0.3% change in the month, 12.6% up in the year. Monthly index (where January 2015 = 100) 155.5
The high annual increase (from 9.9% in the year to September)reflects the withdrawal of the Stamp Duty holiday between September and October 2021.
Average house prices increased by £33,000 in the twelve months to October 2022.
The North East saw the strongest growth, at 17.3% in the year. London was the region with the lowest growth, at 6.7%.
UK average house price = £281,272, -1.5% in the month, -2.5% up in the quarter, 2.0% in the year. Monthly index (where January 1992 = 100) 485.0
The average UK property cost reduced to £281,272 from £285,425 in November. All regional house price growth slowed down in December.
The Halifax House Price Index celebrated its 40 year anniversary, recording an increase in house prices since 1983 of 974%.
National average house asking price = £359,137 -2.1% in the month and 5.6% in the year.
Rightmove recorded an 11% increase in online properties views from the sale time last year, and predict more stability in the property market which should return to activity levels more akin to pre-pandemic activity during 2023.
UK average house price = £262,068, -0.1% change in the month and 2.8% increase in the year
Nationwide recorded a fourth consecutive monthly decline in annual house price growth, with lower growth in all regions.
The price growth of detached properties since the first quarter of 2020 was close to double that of flats.
Mortgage rates are expected to settle now that longer term interest rates are returning to pre-mini-budget levels, which should improve affordability for buyers, particularly when combined with lower house price growth.
Average England and Wales house price = £380,450, 0.5% change in the month, 7.8% in the year.
Stronger house price growth in the north while prices are weakening in the south, although still positive in all regions.
The average price of a home has increased by £66,100 since March 2020 (21.1%). The lack of supply is expected to continue to buoy the UK property market.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
| October 2022 | Average Price | % Monthly change | % Annual change |
|---|---|---|---|
| England | £316,073 | 0.2% | 13.2% |
| Northern Ireland (Quarter 3 – 2022) | £176,131 | 4.1% | 10.7% |
| Scotland | £194,874 | 1.1% | 8.5% |
| Wales | £223,824 | 0.1% | 11.8% |
| East Midlands | £254,079 | 0.0% | 13.9% |
| East of England | £362,865 | 0.0% | 11.5% |
| London | £541,720 | -0.9% | 6.7% |
| North East | £168,367 | 1.9% | 17.3% |
| North West | £220,292 | 0.5% | 16.1% |
| South East | £404,990 | 0.1% | 12.0% |
| South West | £339,206 | 0.5% | 14.9% |
| West Midlands Region | £257,382 | 0.9% | 14.6% |
| Yorkshire and The Humber | £214,036 | 0.2% | 15.1% |
UK HPI Average monthly price by property type
| Property type | October 2022 | October 2021 | Difference |
| Detached | £468,376 | £417,562 | 12.2% |
| Semi-detached | £287,383 | £252,391 | 13.9% |
| Terraced | £242,690 | £212,714 | 14.1% |
| Flat or maisonette | £236,237 | £216,574 | 8.6% |
| All | £296,422 | £263,333 | 12.6% |
Rightmove regional figures
| December 2022 | Average price GBP | Monthly change | Annual change |
| London | £666,507 | -2.3% | 4.6% |
| South East | £472,929 | -2.7% | 4.4% |
| South West | £373,049 | -3.4% | 6.3% |
| East of England | £418,336 | -1.5% | 5.5% |
| West Midlands | £279,237 | -2.0% | 5.7% |
| East Midlands | £281,597 | -1.3% | 6.8% |
| North West | £245,068 | -1.5% | 5.7% |
| Wales | £248,332 | -2.2% | 6.6% |
| Yorkshire & Humberside | £236,856 | -2.5% | 7.3% |
| North East | £177,842 | -0.9% | 10.3% |
LSL Acadata Regional Data
| November 2022 | Average House Price £ GBP | Monthly % change | Annual % Change Greater |
| Greater London | £694,408 | 0.9% | 1.5% |
| South East | £487,041 | 0.0% | 8.4% |
| South West | £390,680 | 0.4% | 12.4% |
| East of England | £420,079 | 0.7% | 10.2% |
| West Midlands | £300,017 | 0.9% | 13.7% |
| East Midlands | £289,801 | 0.9% | 14.1% |
| North West | £258,930 | 0.4% | 12.9% |
| Wales | £254,572 | 0.4% | 12.9% |
| Yorkshire & Humber | £249,557 | 0.2% | 11.7% |
| North East | £205,510 | 0.6% | 13.4% |
Focus on London
Best and Worst (-) annual performers according to:
| Rightmove December 2022 |
Average Price (£) GBP | Monthly change | Annual change |
| Camden | £1,092,725 | 1.8% | 13.5% |
| Hackney | £700,621 | -1.2% | 10.4% |
| Greenwich | £491,706 | -1.7% | 2.3% |
| Lambeth | £670,935 | -0.5% | -1.6% |
| LCL Acadata December 2022 |
Average Price (£) GBP | Monthly change | Annual change |
| Hounslow | £651,162 | -0.2% | 24.2% |
| Bromley | £615,110 | 0.4% | 13.6% |
| Kensington & Chelsea | £1,972,774 | 2.5% | -14.0% |
| Tower Hamlets | £544,040 | -1.1% | -21.1% |
RICS Survey Overview
The RICS Residential Market Survey for November 2022 reported falling house prices and negative indicators on new instructions, agreed sales and buyer demand. These trends are expected to continue for at least the near future.
Buyer enquiries were negative for the seventh successive month, although there has been weak improvement since last month. The average number of properties on estate agents’ books has marginally increased from 34 to 35 properties.
Tenant demand continues to grow while there are fewer properties to let, leading to pressure on rents which are expected to rise over the next three months.
Rightmove.co.uk is the UKs leading property website, displaying details of homes for sale or rent to the largest online audience. It is consistently ranked the number one property website in the UK (source: Experian Hitwise). It has around 90% of all properties for sale and at any time displays a stock of over one million properties to buy or rent, worth around £270 billion. The Rightmove.co.uk site attracts over 130 million visits from home movers each month with time on site averaging over one billion minutes per month (Rightmove data, 2017).
LSL Acad E&W HPI is derived from Land Registry (LR) house price data, seasonally and mix adjusted by property type. © Crown copyright material reproduced with the permission of Land Registry. The prices are smoothed to show underlying trends. LSL Acad E&W HPI includes cash purchase prices and is the only index based upon the complete, factual house price data for England & Wales, as opposed to a sample.
UK HPI: Monthly house price inflation, calculated using data from Land Registry, Registers of Scotland and Land and Property Services Northern Ireland. This replaces the previous House Price Indices separately published by Office of National Statistics and Land Registry.
All figures within this article are correct at the time of going to press, and are reproduced in good faith. No responsibility will be taken for any decisions taken based on the information contained herein. Always seek professional advice.
The Monthly Market Fact File is updated monthly on the day of publication.
SH/LCB