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 = £287,506, -1.0% change in the month, 5.5% up in the year. Monthly index (where January 2015 = 100) 150.8
The average UK house price has reduced £5,000 since November but is still £16,000 higher than a year ago.
The region with highest house price inflation was the West Midlands at 8.6%, while London was just 2.9% in the year to February 2023. Scotland was the only region lower than London, at 1%.
February net mortgage lending decreased to its lowest level net of borrowing since April 2016, both £0.7 billion.
In the first monthly increase in mortgage approvals since August 2022, there were 43,500 house purchases.
UK average house price = £287,880, 0.8% in the month, -0.4% up in the quarter, 1.6% in the year. Monthly index (where January 1992 = 100) 496.4
There is still relative stability in the housing market with mortgage approvals rising for the first time in six months. Mortgage rates are easing after the spike at the end of 2022.
National average house asking price = £366,247, 0.2% in the month and 1.7% in the year.
First time buyer properties now at a record £224,963 and are at a level 4% higher than March 2019. Second stepper sector is 4% behind and top of the ladder 3% behind.
UK average house price = £257,122, -0.8% change in the month and -3.1% increase in the year
At 3.1%, house prices saw their largest decline since July 2009. Price growth slowed in all regions.
The housing market has remained subdued since the mini-budget, with the number of mortgage approvals in February at just 60% of the level last year (43,500).
Average England and Wales house price = £379,309, -0.3% change in the month, 3.6% in the year.
While house prices have been under pressure, there is resilience in the housing market. There is a shortage of the ‘right kind’ of property and affordability concerns remain.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
| February 2023 | Average Price | % Monthly change | % Annual change |
|---|---|---|---|
| England | £308,365 | -0.8% | 6.0% |
| Northern Ireland (Quarter 4 – 2022) | £175,234 | -0.5% | 10.2% |
| Scotland | £180,287 | -2.6% | 1.0% |
| Wales | £215,343 | -0.6% | 6.4% |
| East Midlands | £249,751 | -1.1% | 7.4% |
| East of England | £357,697 | -0.1% | 5.6% |
| London | £532,212 | -1.1% | 2.9% |
| North East | £159,980 | -2.3% | 7.6% |
| North West | £214,146 | -0.6% | 7.0% |
| South East | £395,571 | -1.2% | 5.8% |
| South West | £326,616 | -1.2% | 5.8% |
| West Midlands Region | £253,921 | -0.4% | 8.6% |
| Yorkshire and the Humber | £207,220 | 0.0% | 5.5% |
UK HPI Average monthly price by property type
| Property type | February 2023 | February 2022 | Difference |
| Detached | £454,449 | £426,923 | 7.2% |
| Semi-detached | £278,223 | £262,614 | 5.9% |
| Terraced | £234,029 | £221,675 | 5.6% |
| Flat or maisonette | £228,242 | £223,521 | 2.1% |
| All | £287,506 | £272,454 | 5.5% |
Rightmove regional figures
| April 2023 | Average price GBP | Monthly change | Annual change |
| London | £677,230 | -0.5% | 0.0% |
| South East | £483,734 | 0.3% | 0.9% |
| South West | £387,415 | 0.6% | 2.0% |
| East of England | £423,472 | 1.8% | 1.2% |
| West Midlands | £285,385 | 1.2% | 3.5% |
| East Midlands | £286,791 | 0.9% | 2.4% |
| North West | £252,346 | 0.7% | 3.5% |
| Wales | £257,653 | 0.4% | 1.9% |
| Yorkshire & Humberside | £244,078 | 1.2% | 3.9% |
| North East | £183,850 | -0.1% | 2.1% |
LSL Acadata Regional Data
| February 2023 | Average House Price £ GBP | Monthly % change | Annual % Change Greater |
| Greater London | £698,639 | -1.8% | -0.1% |
| South East | £490,100 | -0.1% | 4.8% |
| South West | £388,035 | 0.4% | 6.9% |
| East of England | £422,036 | 0.5% | 5.5% |
| West Midlands | £302,736 | 1.4% | 8.9% |
| East Midlands | £284,131 | -0.1% | 6.1% |
| North West | £254,817 | -0.4% | 4.2% |
| Wales | £251,353 | 0.1% | 6.1% |
| Yorkshire & Humber | £247,070 | 0.4% | 5.3% |
| North East | £202,689 | 1.8% | 4.1% |
Focus on London
Best and Worst annual performers according to:
| Rightmove April 2023 |
Average Price (£) GBP | Monthly change | Annual change |
| Camden | £1,073,092 | -4.3% | 7.2% |
| Islington | £809,557 | 0.8% | 4.9% |
| Hammersmith & Fulham | £951,295 | -0.6% | -1.4% |
| Kensington & Chelsea | £1,649,109 | -1.4% | -5.0% |
| LCL Acadata February 2023 |
Average Price (£) GBP | Monthly change | Annual change |
| Haringey | £758,121 | 2.0% | 11.5% |
| Hounslow | £616,271 | 3.6% | 9.7% |
| Kensington & Chelsea | £1,922,912 | -0.4% | -20.5% |
| Tower Hamlets | £533,596 | -0.4% | -20.5% |
RICS Survey Overview
The RICS Residential Market Survey for March reported negativity on the number of buyer enquiries, agreed sales and new instructions.
A more stable housing market is expected over the next twelve months, although house prices are still falling nationally. The most significant declines are seen in East Anglia, the South East, West Midlands and London.
Strong tenant demand in the lettings market while landlord instructions are declining. Rent expectations predict 4% growth over the next twelve months, due to the demand and supply imbalance.
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