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 = £289,819, -1.1% change in the month, 6.3% up in the year. Monthly index (where January 2015 = 100) 152
All aspects of the housing market are slowing down due to affordability issues and future uncertainty. The number of mortgage approvals has decreased for the fifth consecutive month.
The Bank of England reported mortgage approvals in January 2023 to be at the lowest level since January 2009 (pandemic excluded) and 46% below January 2022.
UK average house price = £285,476, 1.1% in the month, -2.5% up in the quarter, 2.1% in the year. Monthly index (where January 1992 = 100) 492.3
Halifax reported a ‘general downward trend’ in all regions of the UK, with the average property now costing £285,476.
National average house asking price = £365,357, 0.8% in the month and 3.0% in the year.
There has been more cautious pricing by sellers, with the exception of larger properties which have increased 1.2% in the month, compared to 0.4% for first time buyers and 0.5% for second steppers.
UK average house price = £257,406, -0.5% change in the month and -1.1% increase in the year
Annual house price growth has decreased over the last six consecutive months and are now -3.7% below August 2022.
Average England and Wales house price = £379,244, 0.5% change in the month, 4.7% in the year.
Cost of living issues continue to affect the property market, which reflects a lack of the ‘right kind of stock’.
Although only 24 detached properties were sold, Blaenau Gwent saw the average house price of a detached home rise by 30.3% (£80,000) to £322,000.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
| January 2023 | Average Price | % Monthly change | % Annual change |
|---|---|---|---|
| England | £310,159 | -1.2% | 6.9% |
| Northern Ireland (Quarter 4 – 2022) | £175,234 | -0.5% | 10.2% |
| Scotland | £185,016 | -0.5% | 1.0% |
| Wales | £216,871 | -2.3% | 5.8% |
| East Midlands | £251,177 | -1.7% | 8.6% |
| East of England | £358,114 | -1.1% | 6.8% |
| London | £533,986 | -1.0% | 3.2% |
| North East | £163,731 | 0.6% | 10.0% |
| North West | £214,431 | -2.4% | 7.2% |
| South East | £398,368 | -1.2% | 6.3% |
| South West | £329,691 | -0.4% | 7.1% |
| West Midlands Region | £256,694 | 0.2% | 9.9% |
| Yorkshire and the Humber | £207,635 | -2.5% | 6.5% |
UK HPI Average monthly price by property type
| Property type | January 2023 | January 2022 | Difference |
| Detached | £458,066 | £429,085 | 6.8% |
| Semi-detached | £282,643 | £263,006 | 7.5% |
| Terraced | £237,057 | £221,562 | 7.0% |
| Flat or maisonette | £227,951 | £222,729 | 2.3% |
| All | £289,818 | £272,739 | 6.3% |
Rightmove regional figures
| March 2023 | Average price GBP | Monthly change | Annual change |
| London | £680,806 | -0.1% | 2.5% |
| South East | £482,388 | 1.2% | 1.8% |
| South West | £385,171 | 2.0% | 4.1% |
| East of England | £415,836 | -0.2% | 1.8% |
| West Midlands | £282,042 | 0.2% | 3.3% |
| East Midlands | £284,211 | 1.4% | 3.3% |
| North West | £250,659 | 1.1% | 4.7% |
| Wales | £256,596 | 2.0% | 4.3% |
| Yorkshire & Humberside | £241,270 | 0.6% | 4.5% |
| North East | £184,000 | 2.5% | 4.7% |
LSL Acadata Regional Data
| January 2023 | Average House Price £ GBP | Monthly % change | Annual % Change Greater |
| Greater London | £685,897 | -0.4% | -0.4% |
| South East | £492,319 | 1.0% | 6.3% |
| South West | £388,908 | 0.0% | 8.2% |
| East of England | £419,536 | 0.1% | 6.9% |
| West Midlands | £299,484 | 0.7% | 9.1% |
| East Midlands | £285,694 | 0.4% | 8.6% |
| North West | £258,297 | -0.3% | 7.5% |
| Wales | £254,446 | 0.2% | 8.0% |
| Yorkshire & Humber | £247,488 | -0.2% | 6.1% |
| North East | £200,519 | 0.1% | 5.8% |
Focus on London
Best and Worst annual performers according to:
| Rightmove March 2023 |
Average Price (£) GBP | Monthly change | Annual change |
| Camden | £1,121,609 | -3.3% | 13.4% |
| Barnet | £711,845 | 0.7% | 6.8% |
| Richmond upon Thames | £898,968 | 0.5% | -0.7% |
| Kensington & Chelsea | £1,672,224 | 1.5% | -1.8% |
| LCL Acadata January 2023 |
Average Price (£) GBP | Monthly change | Annual change |
| Kingston upon Thames | £712,854 | 1.8% | 11.5% |
| Redbridge | £582,356 | 0.9% | 10.1% |
| Tower Hamlets | £533,005 | -0.1% | -23.4% |
| Kensington & Chelsea | £1,778,378 | -4.6% | -23.6% |
RICS Survey Overview
The RICS Residential Market Survey for February 2023 reported a downbeat market but foresees a more stable future for 2023 as the market adjusts to higher interest rates.
Houses are generally selling within 5% of asking price but average prices are reducing nationally.
The lettings market is still seeing strong tenant demand and landlord instructions have fallen less than in recent months. The projected price increase over a five year period is 15%.
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