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 = £294,329, -0.4% change in the month, 9.8% up in the year. Monthly index (where January 2015 = 100) 154.4
The strongest house price growth was in the East Midlands (12.3%) and the weakest in London (5.7%) in the twelve months to December 2022.
UK average house price = £281,684, 0.0% in the month, -3.6% up in the quarter, 1.9% in the year. Monthly index (where January 1992 = 100) 485.7
The housing market is expected to continue to slow but there are signs that the market may settle in the longer term due to interest rates potentially peaking below the anticipated level.
National average house asking price = £362,452, 0.0% in the month and 3.9% in the year.
There is still a shortage of property for sale but the number of buyers and sellers are increasing slowly. The average property price increase of just £14 is the smallest on record and remains flat. New seller asking prices are remaining level, unlike recent trends, and there appears to be more confidence in the market following recent concerns.
UK average house price = £258,297, -0.6% change in the month and 1.1% increase in the year
There are signs that mortgage rates are stabilising but this is yet to be reflected in the housing market. Continuing slow momentum is likely due to the economy and affordability.
Average England and Wales house price = £378,277, 0.1% change in the month, 6.0% in the year.
Data suggests the housing market may be ‘more robust’ than many report, while erring on the side of caution. Property continues to perform well as an investment with returns of 21% over the pandemic compared to 15.4% CPI over the same period.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
| December 2022 | Average Price | % Monthly change | % Annual change |
|---|---|---|---|
| England | £315,119 | -0.2% | 10.3% |
| Northern Ireland (Quarter 4 – 2022) | £175,234 | -0.5% | 10.2% |
| Scotland | £187,224 | -2.9% | 5.7% |
| Wales | £222,402 | 0.7% | 10.3% |
| East Midlands | £256,159 | 0.5% | 12.3% |
| East of England | £363,779 | -0.8% | 9.9% |
| London | £543,099 | 0.0% | 6.7% |
| North East | £163,731 | -0.5% | 11.7% |
| North West | £221,101 | -0.1% | 12.2% |
| South East | £404,229 | 0.4% | 10.1% |
| South West | £330,601 | -1.8% | 8.9% |
| West Midlands Region | £256,206 | 0.0% | 10.7% |
| Yorkshire and the Humber | £214,773 | 0.6% | 11.8% |
UK HPI Average monthly price by property type
| Property type | December 2022 | December 2021 | Difference |
| Detached | £463,108 | £418,943 | 10.5% |
| Semi-detached | £286,413 | £257,618 | 11.2% |
| Terraced | £241,147 | £219,790 | 9.7% |
| Flat or maisonette | £233,400 | £216,288 | 6.4% |
| All | £294,329 | £268,115 | 9.8% |
Rightmove regional figures
| February 2023 | Average price GBP | Monthly change | Annual change |
| London | £681,823 | 2.1% | 2.2% |
| South East | £476,754 | 0.7% | 3.9% |
| South West | £377,528 | 1.6% | 4.7% |
| East of England | £417,771 | -0.1% | 3.2% |
| West Midlands | £281,395 | -0.1% | 4.9% |
| East Midlands | £280,214 | -2.3% | 4.6% |
| North West | £248,026 | -0.3% | 5.0% |
| Wales | £251,558 | 0.0% | 5.6% |
| Yorkshire & Humberside | £239,752 | 1.9% | 5.0% |
| North East | £179,568 | -0.1% | 5.9% |
LSL Acadata Regional Data
| January 2023 | Average House Price £ GBP | Monthly % change | Annual % Change Greater |
| Greater London | £692,700 | 0.6% | 0.2% |
| South East | £488,257 | 0.2% | 7.2% |
| South West | £391,419 | 0.6% | 9.3% |
| East of England | £419,302 | 0.1% | 8.2% |
| West Midlands | £297,884 | -0.1% | 10.3% |
| East Midlands | £285,755 | -0.2% | 11.0% |
| North West | £259,906 | 0.3% | 9.2% |
| Wales | £254,884 | -0.1% | 9.3% |
| Yorkshire & Humber | £248,972 | -0.2% | 8.6% |
| North East | £201,865 | -0.8% | 8.3% |
Focus on London
Best and Worst (-) annual performers according to:
| Rightmove February 2023 |
Average Price (£) GBP | Monthly change | Annual change |
| Camden | £1,159,717 | 6.0% | 17.2% |
| Barnet | £706,572 | 0.2% | 8.0% |
| Lambeth | £660,437 | 0.7% | 0.4% |
| Kensington & Chelsea | £1,647,104 | 1.7% | -2.2% |
| LCL Acadata January 2023 |
Average Price (£) GBP | Monthly change | Annual change |
| Hounslow | £614,166 | -1.1% | 15.8% |
| Bromley | £607,769 | -0.4% | 10.7% |
| Kensington & Chelsea | £1,946,368 | 1.9% | -12.8% |
| Tower Hamlets | £538,368 | -2.5% | -24.6% |
RICS Survey Overview
The RICS Residential Market Survey for January reported negative numbers of buyer enquiries, agreed sales and new house sale instructions, as well as house prices.
Twelve month house price expectations are negative in all regions except Northern Ireland.
Tenant demand is increasing while landlord instructions continue to fall, making it likely that rents will rise further. Although 48% of respondents felt that Build to Rent would be successful long term, only 9% thought the scheme would significantly affect housing supply in the lettings market.
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