UK House Price Index for August 2023

The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.

The August data shows:

• on average, house prices have risen 0.3% since July 2023
• there has been an annual price rise of 0.2% which makes the average property in the UK valued at £291,044

England

In England the August data shows, on average, house prices have risen by 0.2% since July 2023. There has been no annual price change, taking the average property value to £309,616.

The regional data for England indicates that:

• the North East experienced the greatest monthly rise with a movement of 1.3%
• the East of England saw the lowest monthly price growth, with a fall of -0.7%
• the North East experienced the greatest annual price rise, up by 3.6%
• the East of England saw the lowest annual price growth, with a fall of -1.6%

Price change by region for England

Region	Average price August 2023	Annual change % since August 2022	Monthly change % since August 2023
East Midlands	£250,818	0.5	0.6
East of England	£350,728	-1.6	-0.7
London	£535,597	-1.4	-0.1
North East	£165,366	3.6	1.3
North West	£215,791	0.4	0.0
South East	£393,417	-0.6	-0.1
South West	£328,413	-1.1	1.2
West Midlands	£253,519	1.1	0.5
Yorkshire and the Humber	£213,264	2.2	0.4

Repossession sales by volume for England

The lowest number of repossession sales in June 2023 was in the East of England.

The highest number of repossession sales in June 2023 was in the North East.

Repossession sales	June 2023
East Midlands	3
East of England	1
London	11
North East	14
North West	8
South East	11
South West	5
West Midlands	6
Yorkshire and the Humber	7
England	66

Average price by property type for England

Property type	Aug 2023	Aug 2022	Difference %
Detached	£487,570	£484,643	-0.6
Semi-detached	£298,943	£296,289	-0.9
Terraced	£252,382	£255,046	-1
Flat/maisonette	£251,528	£252,898	-0.5
All	£309,616	£309,565	0.0

Funding and buyer status for England

Transaction type	Average price Aug 2023	Annual price change % since Aug 2022	Monthly price change % since July 2023
Cash	£289,425	-0.3	0.2
Mortgage	£319,637	0.2	0.2
First-time buyer	£256,654	0	0.3
Former owner occupier	£355,528	0.1	0.1

Building status for England

Building status	Average price June 2023	Annual price change % since June 2023	Monthly price change % since May 2023
New build	£443,821	22.1	4.6
Existing resold property	£299,068	1.1	1.3

Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

London

London shows, on average, house prices have fallen by -0.1% since July 2023. An annual price fall of -1.4% takes the average property value to £535,597.

Average price by property type for London

Property type	August 2023	August 2022	Difference %
Detached	£1,093,834	£1,108,205	-1.3
Semi-detached	£699,732	£704,338	-0.7
Terraced	£587,093	£599,898	-2.1
Flat/maisonette	£442,916	£447,939	-1.1
All	£535,597	£543,166	-1.4

Funding and buyer status for London

Transaction type	Average price Aug 2023	Annual price change % since Aug 2022	Monthly price change % since July 2023
Cash	£551,270	-1.9	0.1
Mortgage	£529,999	-1.3	-0.1
First-time buyer	£460,990	-1.2	0.0
Former owner occupier	£617,729	-1.6	-0.1

Building status for London

Building status	Average price June 2023	Annual price change % since Jun 2023	Monthly price change % since May 2023
New build	£603,182	16.7	1.0
Existing resold property	£523,961	-1.6	0.2

Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

Wales

Wales shows, on average, house prices have fallen by -0.1% since July 2023. An annual price fall of -0.1% takes the average property value to £216,726

There were 10 repossession sales for Wales in June 2023.

Average price by property type for Wales

Property type	Aug 2023	Aug 2022	Difference %
Detached	£331,611	£332,062	-0.1
Semi-detached	£210,992	£210,213	0.4
Terraced	£168,890	£169,742	-0.5
Flat/maisonette	£136,511	£135,813	0.5
All	£216,726	£216,854	-0.1

Funding and buyer status for Wales

Transaction type	Average price Aug 2023	Annual price change % since Aug 2022	Monthly price change % since July 2023
Cash	£208,905	-0.7	-0.2
Mortgage	£221,208	0.2	-0.1
First-time buyer	£186,319	-0.2	0.0
Former owner occupier	£252,642	0.1	-0.2

Building status for Wales

Building status	Average price June 2023	Annual price change % since Jun 2022	Monthly price change % since May 2023
New build	£338,444	21.9	5.2
Existing resold property	£207,751	0.0	0.2

Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

UK house prices

UK house prices increased by 0.2% in the year to August 2023, down from 0.7% in July 2023. On a non-seasonally adjusted basis, average UK house prices increased by 0.3% between July 2023 and August 2023, compared with an increase of 0.8% during the same period 12 months ago.

The UK Property Transactions Statistics showed that in August 2023, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 87,010. This is 15.6% lower than 12 months ago (August 2022). Between July 2023 and August 2023, UK transactions increased by 1.1% on a seasonally adjusted basis.

House price growth was highest in the North East where prices increased by 3.6% in the 12 months to August 2023. The East of England was the English region with the lowest annual inflation, where prices decreased by 1.6% in the 12 months to August 2023.

See the economic statement.

The UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion. As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.

Access the full UK HPI

Source: HM Land Registry