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 = £289,824, 0.5% change in the month, 0.6% up in the year. Monthly index (where January 2015 = 100) 152.0
The average house price in the UK was £2,000 more than a year ago, at £290,000, but £2,000 lower than November 2022’s peak figure. House prices have increased the greatest in the North East at 2.7% over twelve months, compared to 1.0% in the South West over the same period.
According to the Bank of England, the more stable prices seen over recent months are the result of weaker demand and stronger supply.
UK average house price = £279,569, -1.9% in the month, -1.2% in the quarter, -4.6% in the year. Monthly index (where January 1992 = 100) 482.1
The Halifax reported another monthly decline in average house prices, with the typical UK home now costing £279,569 (down £14,000 from the August 2022 peak, but around £40,000 or 17% higher than before Covid).
National average house asking price = £366,281, 0.4% in the month and -0.4% in the year.
Rightmove reported that a third of properties for sale had been reduced in price by an average £22,700 (6.2%) nationally, suggesting that sellers were asking too much for their properties.
There were 12% more homes for sale in September than the usually quieter month of August.
UK average house price = £259,153, -0.8% change in the month and -0.3% decrease in the year.
House price growth is at the weakest rate since July 2009, and mortgage approvals down 20% from the 2019 average. Nationwide predicts a continued subdued housing market, with more settled income growth and “modestly lower house prices”, which should make homes more affordable in time.
Average England and Wales house price = £369,127, -0.2% change in the month, -1.3% in the year.
Cost of living and affordability challenges along with the traditionally quieter summer holiday period have contributed to a fall in house prices of around £755 in August (-0.2%), bringing the average sale price to £369,127.
While house prices have fallen on average £9,300 since October 2022, they have gained on average £54,000 since Covid began in March 2020.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
|July 2023||Average Price||% Monthly change||% Annual change|
|Northern Ireland (Quarter 2 – 2023)||£173,898||1.4%||2.7%|
|East of England||£352,723||0.4%||0.2%|
|West Midlands Region||£251,313||0.2%||0.4%|
|Yorkshire and the Humber||£212,730||1.5%||2.5%|
UK HPI Average monthly price by property type
|Property type||July 2023||July 2022||Difference|
|Flat or maisonette||£229,931||£232,346||-1.0%|
Rightmove regional figures
|September 2023||Average price GBP||Monthly change||Annual change|
|East of England||£419,506||0.1%||-1.5%|
|Yorkshire & Humberside||£246,411||0.9%||1.8%|
LSL Acadata Regional Data
|July 2023||Average House Price £ GBP||Monthly % change||Annual % Change Greater|
|East of England||£405,859||-0.1%||0.2%|
|Yorkshire & Humber||£242,758||0.0%||1.8%|
Focus on London
Best and Worst annual performers according to:
|Average Price (£) GBP||Monthly change||Annual change|
|Richmond upon Thames||£936,459||-0.2%||3.0%|
|Average Price (£) GBP||Monthly change||Annual change|
|Richmond upon Thames||£1,014,446||2.0%||3.8%|
RICS Survey Overview
The RICS Residential Market Survey reported a downturn in buyer demand and agreed sales, following the recent increases in mortgage interest rates. At regional and country levels, new buyer enquiries over August showed a firmly negative return.
House prices are falling in most areas of the UK. Although the housing market is likely to be subdued over the next twelve months, it is then expected to flatten out.
In contrast, the lettings market remains strong with further demand from tenants for rental accommodation. As landlord instructions continue to fall, rental prices are likely to rise further 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.