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 = £285,009, -1.2% change in the month, 4.1% up in the year. Monthly index (where January 2015 = 100) 149.5
The average UK house price is £11,000 higher than a year ago, although down £8,000 from the November 2022 peak. House price inflation in the South West was highest, at 5.4% in the twelve months. During the same period, the average London house price rose 1.5%.
In March, mortgage approvals rose to 52,000 from 44,100 in February (net of cancellations). The interest rate of newly drawn mortgages averaged 4.41%, up from 4.24%.
UK average house price = £286,896, -0.3% in the month, 1.4% in the quarter, 0.4% in the year. Monthly index (where January 1992 = 100) 494.7
The Halifax says the first time buyer market is resilient, possibly as a result of increasing rents. Borrowing costs are likely to be affecting house prices but the number of properties for sale is slowly increasing. The housing market is becoming more steady after a period of instability but there may be ‘downward pressure’ on house prices this year.
National average house asking price = £372,894, 1.8% in the month and 1.5% in the year.
The caution seen by house sellers following the mini-budget seems to be settling and buyer demand is up by around 3% from 2019, although affordability is stretched. Agreed sales are around 3% below 2019 and there are indicators that top of the ladder sellers are asking too high a price.
UK average house price = £260,441, 0.5% change in the month and -2.7% increase in the year.
April’s 0.5% rise in house prices was the first since a series of falls over seven consecutive months, leaving negative house price growth over the year. The number of mortgage applications is increasing, although buyer confidence remains subdued, largely due to economic and financial concerns. A fall in inflation is expected in the second half of 2023 which is likely to positively affect confidence if the labour market stays strong.
Average England and Wales house price = £375,063, -0.5% change in the month, 2.4% in the year.
There are not enough of the ‘right kind’ of house on the market, which is contributing to the lack of supply and affordability issues. An estimated two million households will remortgage fixed rate loans this year. Most are expected to be able to absorb the higher interest rates pushing up mortgage costs as a result of the bank rate increase to 4.5%.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
| March 2023 | Average Price | % Monthly change | % Annual change |
|---|---|---|---|
| England | £304,193 | -1.5% | 4.1% |
| Northern Ireland (Quarter 1 – 2023) | £172,005 | -1.8% | 5.0% |
| Scotland | £184,877 | 0.7% | 3.0% |
| Wales | £214,174 | -0.6% | 4.8% |
| East Midlands | £246,092 | -1.2% | 4.9% |
| East of England | £351,898 | -2.0% | 3.9% |
| London | £523,325 | -1.7% | 1.5% |
| North East | £156,912 | -1.6% | 4.0% |
| North West | £211,759 | -1.3% | 5.2% |
| South East | £394,543 | -0.4% | 4.6% |
| South West | £326,035 | -0.6% | 5.4% |
| West Midlands Region | £245,132 | -4.0% | 3.4% |
| Yorkshire and the Humber | £203,635 | -2.1% | 4.1% |
UK HPI Average monthly price by property type
| Property type | March 2023 | March 2022 | Difference |
| Detached | £453,949 | £431,184 | 5.3% |
| Semi-detached | £277,291 | £264,692 | 4.8% |
| Terraced | £229,752 | £223,048 | 3.0% |
| Flat or maisonette | £227,925 | £221,211 | 3.0% |
| All | £285,009 | £273,787 | 4.1% |
Rightmove regional figures
| May 2023 | Average price GBP | Monthly change | Annual change |
| London | £696,477 | 2.8% | 1.1% |
| South East | £494,471 | 2.3% | 1.3% |
| South West | £393,426 | 1.6% | 1.4% |
| East of England | £424,844 | 0.3% | 0.1% |
| West Midlands | £288,862 | 1.2% | 2.2% |
| East Midlands | £288,311 | 0.5% | 2.0% |
| North West | £256,088 | 1.5% | 2.6% |
| Wales | £259,452 | 0.7% | 0.7% |
| Yorkshire & Humberside | £248,247 | 1.7% | 3.9% |
| North East | £179,693 | 2.3% | -0.2% |
LSL Acadata Regional Data
| March 2023 | Average House Price £ GBP | Monthly % change | Annual % Change Greater |
| Greater London | £692,166 | -0.7% | -1.9% |
| South East | £484,540 | -0.6% | 3.8% |
| South West | £383,832 | -0.6% | 5.3% |
| East of England | £417,818 | -0.6% | 4.0% |
| West Midlands | £297,489 | -0.8% | 6.0% |
| East Midlands | £282,910 | -0.3% | 5.0% |
| North West | £252,301 | -0.9% | 2.8% |
| Wales | £251,330 | 0.0% | 5.3% |
| Yorkshire & Humber | £247,039 | -0.2% | 4.8% |
| North East | £202,451 | 0.1% | 3.9% |
Focus on London
Best and Worst annual performers according to:
| Rightmove May 2023 |
Average Price (£) GBP | Monthly change | Annual change |
| Hackney | £724,189 | 2.3% | 5.3% |
| Southwark | £673,413 | -0.1% | 4.3% |
| Hillingdon | £541,212 | -1.1% | -2.2% |
| Merton | £718,211 | 0.2% | -2.5% |
| LCL Acadata March 2023 |
Average Price (£) GBP | Monthly change | Annual change |
| Hounslow | £614,657 | -0.3% | 8.7% |
| Kingston upon Thames | £694,305 | -1.5% | 8.3% |
| Kensington & Chelsea | £1,969,796 | 0.0% | -17.1% |
| Westminster | £1,375,352 | -2.2% | -33.2% |
RICS Survey Overview
The RICS Residential Market Survey for May suggested downbeat feedback on new buyer enquiries and agreed sales, largely due to borrowing costs and a cautious outlook.
Nationally, house price indicators are negative but not by as much as in previous months. House price expectations are expected to steady over the next twelve 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.
SH/LCB