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 = £287,546, 0.7% change in the month, 1.7% up in the year. Monthly index (where January 2015 = 100) 150.8
The average house price in the UK was £5,000 more than a year ago, at £288,000, but £5,000 lower than November 2022’s peak figure.
House prices have increased the greatest in the North East at 4.7% over twelve months, compared to 0.6% in London over the same period
UK average house price = £285,044, 0.3% in the month, -0.3% in the quarter, -2.4% in the year. Monthly index (where January 1992 = 100) 491.5
The Halifax reported a fourth consecutive monthly decline in average house prices, with the typical UK home now costing £285,044 (down from the August 2022 peak of £293,992).
The first time buyer market was holding up well, with people looking to buy smaller property to reflect stronger mortgage rates.
A gradual decline in house prices is predicted, but one that is unlikely to undo the average £45,000 increase in house prices experienced since before the pandemic.
National average house asking price = £364,895, -1.9% in the month and -0.1% in the year.
Rightmove suggests that lower asking prices and increasing earnings may result in improved buyer affordability, and reports that average house prices are currently £59,000 higher than in August 2019, but £8,000 lower than the peak in May 2023.
The average number of agreed sales is 15% lower than in 2019, although the first time buyer market is down 10%. The number of properties available is 10% down from 2019.
UK average house price = £260,828, -0.2% change in the month and -3.8% decrease in the year.
House price growth is at the weakest level since 2009. Despite this, the average first time buyer with a 20% deposit would now see mortgage payments take 43% of take home pay (at 6% interest). A year ago this figure was 32% and the long term average 29%.
Average England and Wales house price = £370,610, -0.1% change in the month, 0.3% in the year.
Higher mortgage rates and other economic factors have been reflected in the housing market, and the number of transactions for the first six months of 2023 are at the lowest level since the 2007/09 financial crisis. Indications are that the second half of the year will see a more stabilised market.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
| June 2023 | Average Price | % Monthly change | % Annual change |
|---|---|---|---|
| England | £306,447 | 0.9% | 1.9% |
| Northern Ireland (Quarter 2 – 2023) | £173,898 | 1.4% | 2.7% |
| Scotland | £189,424 | -0.4% | 0.0% |
| Wales | £213,477 | 0.2% | 0.6% |
| East Midlands | £248,678 | 1.3% | 2.4% |
| East of England | £351,213 | 1.3% | 1.1% |
| London | £527,979 | 0.5% | -0.6% |
| North East | £161,034 | 1.8% | 4.7% |
| North West | £215,631 | 1.2% | 3.5% |
| South East | £391,406 | 0.6% | 1.3% |
| South West | £321,152 | -0.5% | 0.5% |
| West Midlands Region | £250,743 | 2.1% | 2.7% |
| Yorkshire and the Humber | £208,867 | 2.1% | 2.7% |
UK HPI Average monthly price by property type
| Property type | June 2023 | June 2022 | Difference |
| Detached | £451,157 | £441,124 | 2.3% |
| Semi-detached | £279,059 | £272,949 | 2.2% |
| Terraced | £234,373 | £232,478 | 0.8% |
| Flat or maisonette | £231,037 | £229,101 | 0.8% |
| All | £287,546 | £282,777 | 1.7% |
Rightmove regional figures
| August 2023 | Average price GBP | Monthly change | Annual change |
| London | £672,980 | -2.3% | 0.7% |
| South East | £481,452 | -1.8% | -0.5% |
| South West | £384,182 | -3.2% | -1.3% |
| East of England | £418,980 | -1.6% | -1.4% |
| West Midlands | £286,250 | -1.0% | -0.9% |
| East Midlands | £285,650 | -1.4% | -1.0% |
| North West | £253,859 | -0.6% | 1.0% |
| Wales | £257,090 | -1.0% | -0.9% |
| Yorkshire & Humberside | £244,325 | -1.8% | 1.2% |
| North East | £186,144 | 0.8% | 2.6% |
LSL Acadata Regional Data
| June 2023 | Average House Price £ GBP | Monthly % change | Annual % Change Greater |
| Greater London | £700,470 | 0.7% | 2.1% |
| South East | £475,729 | -1.0% | 0.9% |
| South West | £373,011 | -0.6% | 0.4% |
| East of England | £408,460 | -0.1% | 0.7% |
| West Midlands | £287,859 | 0.0% | 1.7% |
| East Midlands | £279,103 | 0.3% | 2.1% |
| North West | £247,716 | -0.5% | 0.8% |
| Wales | £239,992 | 0.0% | -0.6% |
| Yorkshire & Humber | £241,757 | -0.3% | 1.6% |
| North East | £198,101 | -1.1% | 3.4% |
Focus on London
Best and Worst annual performers according to:
| Rightmove August 2023 |
Average Price (£) GBP | Monthly change | Annual change |
| Haringey | £689,608 | 0.3% | 4.2% |
| Tower Hamlets | £611,257 | -0.8% | 2.8% |
| Lewisham | £512,252 | -1.0% | -2.6% |
| Barking and Dagenham | £367,526 | -1.1% | -3.0% |
| LCL Acadata June 2023 |
Average Price (£) GBP | Monthly change | Annual change |
| Westminster | £1,737,988 | 13.0% | 11.1% |
| Richmond upon Thames | £999,508 | 0.2% | 5.1% |
| Enfield | £512,389 | -1.3% | -7.5% |
| Greenwich | £469,557 | 1.5% | -11.3% |
RICS Survey Overview
The RICS Residential Market Survey reported that the housing market was further losing ground as increased mortgage rates have an effect. The feeling amongst respondents to the survey is that this will continue in the near term.
New buyer enquiries nationally fell in July for the eighth successive month, and agreed sales were at the lowest level since the beginning of the pandemic. National house price expectations remain negative for the next quarter and year.
Tenant demand continues to rise while landlord instructions are falling, leading to a generally expected increase in rental prices over the next quarter.
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