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 = £291,000, -0.5% change in the month, 0.1% up in the year. Monthly index (where January 2015 = 100) 152.8
UK average house price = £281,974, 1.1% in the month, -1.9% in the quarter, -3.2% in the year. Monthly index (where January 1992 = 100) 486.2
The average UK home now costs £281,971. House prices are being buoyed by cautious prospective sellers and buyer demand remains weak as interest rates and affordability continue to cause concern. House prices are expected to fall next year, with a return to growth in 2025.
National average house asking price = £362,143, -1.7% in the month and -1.3% in the year.
Average new seller asking prices were -£6,088 lower this month as more realistic prices are being sought but only 3% lower than the peak in May. The number of properties for sale are now just 1% lower than 2019.
UK average house price = £259,423, 0.9% change in the month and -3.3% decrease in the year.
The number of mortgage approvals in September was 30% lower than the monthly average since 2019, at 43,300.
Mortgage arrears are historically low and unemployment low, indicating little evidence of people having to sell their homes which would reduce property prices. It is thought more likely that, over time, affordability will improve rather than mortgage rates reduce.
Average England and Wales house price = £362,777, -0.4% change in the month, -4.1% in the year.
In September, the North East recorded the smallest fall in annual house prices, at -1.5%, closely followed by Yorkshire and the Humber at -1.6%. The East of England saw the biggest drop at 4.8%, followed by the South West at 4.4%.
House prices are being supported by low unemployment and improving affordability.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
| September 2023 | Average Price | % Monthly change | % Annual change |
|---|---|---|---|
| England | £310,000 | -0.5% | -0.5% |
| Northern Ireland (Quarter 2 – 2023) | £180,000 | 3.1% | 2.1% |
| Scotland | £195,000 | -0.2% | 2.5% |
| Wales | £215,000 | -0.9% | -2.7% |
| East Midlands | £251,000 | -0.6% | 0.4% |
| East of England | £353,000 | -0.4% | -0.4% |
| London | £537,000 | -0.3% | -1.1% |
| North East | £163,000 | -2.0% | 1.6% |
| North West | £218,000 | 0.5% | 0.6% |
| South East | £392,000 | -0.6% | -1.4% |
| South West | £329,000 | -0.2% | 0.5% |
| West Midlands Region | £254,000 | -0.2% | 0.5% |
| Yorkshire and the Humber | £210,000 | -2.4% | 0.0% |
UK HPI Average monthly price by property type
| Property type | September 2023 | September 2022 | Difference |
| Detached | £461,000 | £457,000 | 1.1% |
| Semi-detached | £282,000 | £282,000 | -0.1% |
| Terraced | £237,000 | £233,000 | 0.1% |
| Flat or maisonette | £233,000 | £233,000 | 0.1% |
| All | £291,000 | £292,000 | -0.1% |
Rightmove regional figures
| November 2023 | Average price GBP | Monthly change | Annual change |
| London | £673,257 | -2.1% | -1.3% |
| South East | £472,139 | -3.0% | -2.8% |
| South West | £376,794 | -2.1% | -2.5% |
| East of England | £413,868 | -0.9% | -2.6% |
| West Midlands | £283,204 | -0.5% | -0.6% |
| East Midlands | £281,118 | -1.3% | -1.4% |
| North West | £255,107 | -0.5% | 2.5% |
| Wales | £254,192 | -1.6% | 0.1% |
| Yorkshire & Humberside | £242,367 | -2.3% | 0.8% |
| North East | £181,829 | -1.0% | 1.3% |
LSL Acadata Regional Data
| September 2023 | Average House Price £ GBP | Monthly % change | Annual % Change Greater |
| Greater London | £696,439 | -0.2% | -2.1% |
| South East | £462,449 | -0.8% | -4.2% |
| South West | £367,357 | 0.3% | -4.4% |
| East of England | £392,616 | -0.9% | -4.8% |
| West Midlands | £284,727 | -0.2% | -2.6% |
| East Midlands | £274,492 | -0.6% | -2.7% |
| North West | £244,437 | -0.5% | -3.2% |
| Wales | £237,020 | -0.9% | -4.8% |
| Yorkshire & Humber | £241,236 | -1.0% | -1.6% |
| North East | £195,303 | 0.0% | -1.5% |
Focus on London
Best and Worst annual performers according to:
| Rightmove November 2023 |
Average Price (£) GBP | Monthly change | Annual change |
| Richmond upon Thames | £963,068 | 1.7% | 2.9% |
| Hammersmith & Fulham | £988,746 | 0.6% | 2.7% |
| Camden | £1,023,405 | -0.4% | -4.6% |
| Merton | £693,751 | 0.5% | -8.9% |
| LCL Acadata September 2023 |
Average Price (£) GBP | Monthly change | Annual change |
| Westminster | £1,417,918 | 5.1% | 23.5% |
| Richmond upon Thames | £1,020,483 | 0.6% | 5.0% |
| Lambeth | £609,375 | -0.9% | -13.2% |
| Tower Hamlets | £537,325 | -0.3% | -16.2% |
RICS Survey Overview
The RICS Residential Market Survey for October 2023 reported subdued sales but a slightly less downbeat market and an apparent levelling-off in the pace of decline.
Sentiment on house prices for the forthcoming year is most negative in the East and West Midlands and Yorkshire and the Humber.
Increased tenant demand has been seen in the three months to October and landlord instructions are still falling in most areas of the UK. Rents are expected to rise an average 4% across the UK over the next year.
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