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 = £286,489, 0.5% change in the month, 3.5% up in the year. Monthly index (where January 2015 = 100) 150.3
The average UK house price in April was £286,000: £9,000 higher than a year agon, but £7,000 lower than the September 2022 peak.
UK average house price = £286,532, 0.0% in the month, 1.3% in the quarter, -1.0% in the year. Monthly index (where January 1992 = 100) 494.1
The Halifax reported the first annual decline in house prices since December 2012. Property prices have fallen around £3,000 on average over the last year and are down £7,500 since the August peak. They are still £5,000 above the end of 2022 and £25,000 above the average two years ago.
National average house asking price = £372,812, -0.0% in the month and 1.1% in the year.
The usual summer slowdown has come forward and asking prices are expected to fall over most months for the remainder of 2023.
Rightmove predicts that new seller asking prices will fall on average by 2% by the end of the year. There does not appear to be an effect on buyer demand following recent increases in interest rates, although there has been some impact on sales.
UK average house price = £260,736, -0.1% change in the month and -3.4% increase in the year.
Nationwide predicts the housing market strengthening over the near term. Activity is likely to be subdued but nominal income growth and modestly lower house prices, with moderate mortgage rates once the bank rate settle, should improve housing affordability in time.
Average England and Wales house price = £373,066, -0.2% change in the month, 2.0% in the year.
May saw the fifth consecutive month of falling annual rates of house price growth but the average home is still £23,250 above a year ago. The region with the highest growth was the North East, at 5.3%.
Inflation is the biggest worry and ‘stagflation’ the greatest risk to the UK economy. Affordability and the availability of the ‘right kind’ of homes are the key forces within the housing market. Modest house price growth is expected, although buyers are likely to be cautious and sellers may be less ambitious in the price they are asking for their property.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
| April 2023 | Average Price | % Monthly change | % Annual change |
|---|---|---|---|
| England | £305,731 | 0.5% | 3.7% |
| Northern Ireland (Quarter 1 – 2023) | £172,005 | -1.8% | 5.0% |
| Scotland | £187,150 | 1.3% | 2.0% |
| Wales | £212,834 | -1.3% | 2.0% |
| East Midlands | £247,634 | 0.3% | 4.6% |
| East of England | £351,468 | -0.4% | 3.1% |
| London | £533,687 | 2.1% | 2.4% |
| North East | £159,900 | 1.8% | 5.5% |
| North West | £212,814 | 0.7% | 4.8% |
| South East | £391,766 | -0.5% | 3.5% |
| South West | £327,144 | 0.2% | 4.0% |
| West Midlands Region | £246,765 | 0.8% | 3.1% |
| Yorkshire and the Humber | £205,523 | 1.0% | 4.0% |
UK HPI Average monthly price by property type
| Property type | April 2023 | April 2022 | Difference |
| Detached | £453,771 | £435,539 | 4.2% |
| Semi-detached | £278,729 | £266,838 | 4.5% |
| Terraced | £231,525 | £226,660 | 2.1% |
| Flat or maisonette | £229,752 | £223,686 | 2.7% |
| All | £286,489 | £276,917 | 3.5% |
Rightmove regional figures
| June 2023 | Average price GBP | Monthly change | Annual change |
| London | £685,241 | -1.6% | 0.5% |
| South East | £495,711 | 0.2% | 0.7% |
| South West | £396,150 | 0.7% | 0.6% |
| East of England | £426,365 | 0.4% | -0.1% |
| West Midlands | £291,937 | 1.1% | 2.5% |
| East Midlands | £286,596 | -0.6% | 0.2% |
| North West | £257,468 | 0.5% | 3.6% |
| Wales | £264,167 | 1.8% | 0.3% |
| Yorkshire & Humberside | £247,012 | -0.5% | 2.4% |
| North East | £188,414 | 4.9% | 5.5% |
LSL Acadata Regional Data
| April 2023 | Average House Price £ GBP | Monthly % change | Annual % Change Greater |
| Greater London | £688,625 | -0.8% | -1.7% |
| South East | £483,274 | 0.0% | 3.2% |
| South West | £379,358 | -0.6% | 2.3% |
| East of England | £413,871 | -0.4% | 2.8% |
| West Midlands | £289,941 | -1.4% | 3.5% |
| East Midlands | £280,942 | -0.4% | 2.8% |
| North West | £250,955 | -0.6% | 2.1% |
| Wales | £247,805 | -0.7% | 3.2% |
| Yorkshire & Humber | £243,581 | -0.8% | 3.3% |
| North East | £201,913 | -0.6% | 5.3% |
Focus on London
Best and Worst annual performers according to:
| Rightmove June 2023 |
Average Price (£) GBP | Monthly change | Annual change |
| Hackney | £731,998 | 1.1% | 4.4% |
| Bexley | £490,152 | 0.4% | 4.4% |
| Barnet | £727,059 | 0.1% | -2.5% |
| Harrow | £613,302 | -1.9% | -4.1% |
| LCL Acadata April 2023 |
Average Price (£) GBP | Monthly change | Annual change |
| Harrow | £633,050 | 1.9% | 10.9% |
| Waltham Forest | £558,347 | -0.5% | 7.3% |
| Kensington & Chelsea | £1,854,061 | -4.8% | -20.1% |
| Westminster | £1,267,915 | -5.3% | -33.3% |
RICS Survey Overview
The RICS Residential Market Survey suggested that sentiment on new buyer enquiries and agreed sales were the least negative in twelve months. Although prices are falling nationally, there is an easement in the downward momentum. New instructions have become positive for the first time since the beginning of 2022.
Almost half of those contributing to the survey said that tenant demand had increased in May, although there was also an increase in buy to let landlords looking to sell up. There were also fewer buyers of buy to let property from both the UK and overseas. Rents are expected to increase by almost 6% a year over the next five years.
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