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 = £284,950, -0.8% change in the month, -2.1% in the year. Monthly index (where January 2015 = 100) 149.5
The average UK house price was £6,000 lower in November 2023 than twelve months earlier, a change of -2.9% in England and -2.4% in Wales.
The provisional number of sales transactions in England in September 2023 reduced to 39,498 from 69,868 in September 2022. In Wales, the number reduced to 2,343 from 3,738. This equates to -24.2% across the UK.
UK average house price = £287,105, 1.1% in the month, -1.2% in the quarter, 1.7% in the year. Monthly index (where January 1992 = 100) 495.1
The average property prices is around £4,800 higher than in December 2022. However, house prices in the South East of England fell by an average -4.5% (£17,755).
The Halifax predicts a fall in house prices of between -2% and -4% this year, reflecting the wider economic uncertainty.
National average house asking price = £359,748, 1.3% in the month and -0.7% in the year.
An increase of 15% in the number of properties coming onto the market than January 2023 and the number of agreed sales 20% higher.
So far this year, Rightmove has recorded its busiest period on record for Mortgage in Principle calculations.
UK average house price = £257,443, 0.0% change in the month and -1.8% decrease in the year.
Housing market activity throughout 2023 was weak due to housing affordability. The typical first time buyer with a 20% deposit would pay around 38% of take home pay. Long term this figure has averaged 30%.
The 20% deposit for a first time buyer is around 105% of average gross income. The all time high for this figure is 116% (in 2022) and during the financial crisis it was 108%.
Average England and Wales house price = £362,187, 0.2% change in the month, -3.5% in the year.
Some signs of more financial stability beginning to creep into the housing market, with data showing that annual interest rates have improved for the first time over the previous month over the last sixteen months. Lower mortgage rates are expected to continue for mortgage borrowers.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
November 2023 | Average Price | % Monthly change | % Annual change |
---|---|---|---|
England | £301,613 | -1.2% | -2.9% |
Northern Ireland (Quarter 3 – 2023) | £179,530 | 3.1% | 2.1% |
Scotland | £194,006 | 1.1% | 2.2% |
Wales | £212,866 | -0.3% | -2.4% |
East Midlands | £243,577 | -0.8% | -3.0% |
East of England | £346,659 | -0.2% | -3.3% |
London | £505,283 | -2.2% | -6.0% |
North East | £159,871 | -0.2% | -0.4% |
North West | £213,333 | -0.9% | -2.0% |
South East | £385,844 | -0.4% | -2.3% |
South West | £319,221 | -2.7% | -4.1% |
West Midlands Region | £243,655 | -3.1% | -3.4% |
Yorkshire and the Humber | £209,526 | 0.0% | -0.8% |
UK HPI Average monthly price by property type
Property type | November 2023 | November 2022 | Difference |
Detached | £453,746 | £457,043 | -0.7% |
Semi-detached | £276,967 | £281,749 | -1.7% |
Terraced | £230,368 | £239,455 | -3.8% |
Flat or maisonette | £227,718 | £231,945 | -1.8% |
All | £284,950 | £291,092 | -2.1% |
Rightmove regional figures
January 2024 | Average price GBP | Monthly change | Annual change |
London | £664,550 | -0.4% | -0.5% |
South East | £466,698 | 2.4% | -1.5% |
South West | £371,680 | 0.5% | 0.1% |
East of England | £406,622 | 0.4% | -2.5% |
West Midlands | £282,952 | 0.4% | 0.5% |
East Midlands | £279,050 | 1.2% | -2.7% |
North West | £251,815 | 1.2% | 1.2% |
Wales | £253,862 | 1.1% | 0.9% |
Yorkshire & Humberside | £236,695 | -0.4% | 0.6% |
North East | £179,557 | 0.6% | -0.1% |
LSL Acadata Regional Data
December 2023 | Average House Price £ GBP | Monthly % change | Annual % Change Greater |
Greater London | £689,172 | -0.5% | -2.1% |
South East | £455,334 | -0.9% | -5.4% |
South West | £379,769 | -3.3% | -0.7% |
East of England | £389,360 | -1.2% | -6.0% |
West Midlands | £285,046 | -0.4% | -2.4% |
East Midlands | £271,074 | -0.1% | -4.8% |
North West | £251,904 | 0.2% | -1.3% |
Wales | £238,311 | 0.0% | -5.0% |
Yorkshire & Humber | £239,653 | -0.1% | -3.1% |
North East | £199,929 | 0.3% | 0.8% |
Focus on London
Best and Worst annual performers according to:
Rightmove January 2024 |
Average Price (£) GBP | Monthly change | Annual change |
Wandsworth | £864,896 | 0.5% | 5.8% |
Westminster | £1,486,833 | -0.1% | 2.9% |
Enfield | £485,573 | -1.2% | -5.3% |
Merton | £666,525 | -4.0% | -6.4% |
LCL Acadata October 2023 |
Average Price (£) GBP | Monthly change | Annual change |
Kensington & Chelsea | £2,187,249 | -0.2% | 10.4% |
Richmond upon Thames | £1,033,505 | 0.0% | 6.2% |
Tower Hamlets | £536,125 | -0.2% | -11.4% |
Brent | £618,078 | -0.1% | -12.2% |
RICS Survey Overview
The RICS Residential Market Survey for December 2023 reported an expectation of flat house prices over the next twelve months. Buyer demand is stronger for the first time since April 2022. Sales expectations continue to improve and respondents predict a recovery in residential sales volumes over the coming year.
In the lettings market, rental growth is expected to average 5% 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