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 = £284,691, 0.1% change in the month, -1.4% in the year. Monthly index (where January 2015 = 100) 149.3
The North West of England saw the highest house price rises in England, at 1.2% in the twelve months to December 2023.
UK average house price = £291,029, 1.3% in the month, 2.5% in the quarter, 2.5% in the year. Monthly index (where January 1992 = 100) 501.9
The average UK home rose £3,700 between December 2023 and January 2024, bringing the average house price to £291,029. House prices have risen over the last four consecutive months.
More confidence is being seen in home buyers and sellers as the economic climate and labour market become more steady and demand continues to exceed supply.
National average house asking price = £362,839, 0.9% in the month and 0.1% in the year.
After six months of house price falls, the annual house price change has now turned positive for the year. Sales rose 16% over the first six weeks of the year compared to the same period last year. Both buyer enquiries and new house listings have risen by 7% since the same period last year.
Sensibly priced properties are being sold quickly, but the average sales time is at the slowest level since 2015.
UK average house price = £257,656, 0.7% change in the month and -0.2% decrease in the year.
More settled mortgage interest rates have resulted in more encouraging signs for buyers.
The Nationwide does not expect a “rapid rebound” of house price increases, although it does see a more positive outlook and mortgage rates will be crucial to this.
Average England and Wales house price = £361,029, 0.2% change in the month, -3.6% in the year.
Monthly house prices are increasing slightly but the North East is the only English region showing price positivity over the year and market sentiment is improving.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
| December 2023 | Average Price | % Monthly change | % Annual change |
|---|---|---|---|
| England | £302,164 | 0.2% | -2.1% |
| Northern Ireland (Quarter 4 – 2023) | £177,611 | -0.9% | 3.3% |
| Scotland | £190,341 | -0.9% | -2.5% |
| Wales | £213,816 | 0.9% | -2.5% |
| East Midlands | £248,390 | 1.6% | -1.0% |
| East of England | £342,489 | -0.5% | -3.8% |
| London | £508,037 | 0.0% | -4.8% |
| North East | £157,557 | -1.2% | -0.8% |
| North West | £218,353 | 2.5% | 1.2% |
| South East | £377,162 | -1.9% | -4.6% |
| South West | £318,966 | -0.5% | -2.2% |
| West Midlands Region | £252,532 | 2.6% | 0.3% |
| Yorkshire and the Humber | £207,501 | 0.1% | -1.2% |
UK HPI Average monthly price by property type
| Property type | December 2023 | December 2022 | Difference |
| Detached | £447,076 | £450,562 | -0.8% |
| Semi-detached | £280,024 | £280,548 | -0.2% |
| Terraced | £232,113 | £238,063 | -2.5% |
| Flat or maisonette | £224,757 | £230,014 | -2.3% |
| All | £284,691 | £288,744 | -1.4% |
Rightmove regional figures
| February 2024 | Average price GBP | Monthly change | Annual change |
| London | £682,989 | 2.8% | 0.2% |
| South East | £471,749 | 1.1% | -1.0% |
| South West | £374,738 | 0.8% | -0.7% |
| East of England | £408,737 | 0.5% | -1.9% |
| West Midlands | £283,870 | 0.3% | 0.9% |
| East Midlands | £279,481 | 0.2% | -0.3% |
| North West | £255,145 | 1.3% | 2.9% |
| Wales | £255,748 | 0.7% | 1.7% |
| Yorkshire & Humberside | £243,441 | 2.8% | 1.5% |
| North East | £184,370 | 2.7% | 2.7% |
LSL Acadata Regional Data
| December 2023 | Average House Price £ GBP | Monthly % change | Annual % Change Greater |
| Greater London | £686,533 | -0.1% | -2.2% |
| South East | £453,908 | -0.8% | -5.7% |
| South West | £371,535 | 0.5% | -3.1% |
| East of England | £389,176 | -0.5% | -6.2% |
| West Midlands | £282,814 | -0.5% | -3.4% |
| East Midlands | £269,984 | -0.8% | -4.5% |
| North West | £250,092 | -0.4% | -2.2% |
| Wales | £237,880 | -0.4% | -5.0% |
| Yorkshire & Humber | £238,654 | -0.8% | -3.2% |
| North East | £197,176 | -0.4% | 0.2% |
Focus on London
Best and Worst annual performers according to:
| Rightmove February 2024 |
Average Price (£) GBP | Monthly change | Annual change |
| Westminster | £1,536,349 | 4.6% | 9.9% |
| Richmond upon Thames | £939,888 | 0.3% | 5.1% |
| Merton | £665,719 | -0.1% | -4.3% |
| Camden | £1,069,742 | 2.5% | -7.8% |
| LCL Acadata December 2023 |
Average Price (£) GBP | Monthly change | Annual change |
| Kensington & Chelsea | £2,196,051 | -0.1% | 6.9% |
| Richmond upon Thames | £1,035,298 | -0.1% | 5.4% |
| Enfield | £508,391 | -0.1% | -9.7% |
| Harrow | £544,085 | -0.2% | -10.4% |
RICS Survey Overview
The RICS Residential Market Survey for January 2024 reported positive metrics on buyer demand, agreed sales and new instructions, with further improvement on sales expectations likely over the year.
A deceleration in house price decline is being seen, with London in particular appearing more stable in the month. All regions are expected to see an increase in house prices over the coming year, with the exception of East Anglia and the West Midlands.
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