UK House Price Index for December 2022

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

The December data shows:

• on average, house prices have fallen by 0.4% since November 2022
• there has been an annual price rise of 9.8% which makes the average property in the UK valued at £294,329.

England

In England, the December data shows that, on average, house prices have fallen 0.2% since November 2022. The annual price rise of 10.3% takes the average property value to £315,119.

The regional data for England indicates that:

• the East Midlands experienced the greatest annual price rise, up by 12.3%
• Yorkshire and the Humber experienced the greatest monthly growth, with an increase of 0.6%
• London saw the lowest annual price growth, with an increase of 6.7%
• The South West saw the most significant monthly price fall, with a movement of –1.8%

Price change by region for England

Region	Average price December 2022	Annual change % since December 2021	Monthly change % since November 2022
East Midlands	£256,159	12.3	0.5
East of England	£363,779	9.9	-0.8
London	£543,099	6.7	0.0
North East	£163,731	11.7	-0.5
North West	£221,101	12.2	-0.1
South East	£404,229	10.1	0.4
South West	£330,601	8.9	-1.8
West Midlands	£256,206	10.7	0.0
Yorkshire and the Humber	£214,773	11.8	0.6

Repossession sales by volume for England

The lowest number of repossession sales in October 2022 was in the East of England.

The highest number of repossession sales in October 2022 was in the North West.

Repossession sales	October 2022
East Midlands	7
East of England	2
London	7
North East	10
North West	17
South East	5
South West	5
West Midlands	3
Yorkshire and the Humber	12
England	72

Average price by property type for England

Property type	December 2022	December 2021	Difference %
Detached	£494,459	£446,839	10.7
Semi-detached	£303,135	£271,790	11.5
Terraced	£257,846	£234,369	10
Flat/maisonette	£257,260	£238,748	7.8
All	£315,119	£285,784	10.3

Funding and buyer status for England

Transaction type	Average price December 2022	Annual price change % since December 2021	Monthly price change % since November 2022
Cash	£294,010	9.2	-0.4
Mortgage	£325,544	10.7	-0.1
First-time buyer	£262,527	10.6	0.0
Former owner occupier	£360,439	10	-0.4

Building status for England

Building status	Average price October 2022	Annual price change % since October 2021	Monthly price change % since September 2022
New build	£425,047	21.1	1.4
Existing resold property	£307,651	12.1	0.2

London

London shows, on average, house prices didn’t change between October 2022 and November 2022. An annual price rise of 6.7% takes the average property value to £543,099.

Average price by property type for London

Property type	December 2022	December 2021	Difference %
Detached	£1,112,825	£1,037,453	7.3
Semi-detached	£708,503	£656,557	7.9
Terraced	£593,676	£556,229	6.7
Flat/maisonette	£449,782	£424,499	6
All	£543,099	£509,111	6.7

Funding and buyer status for London

Transaction type	Average price December 2022	Annual price change % since December 2021	Monthly price change % since November 2022
Cash	£558,237	5.7	0.2
Mortgage	£537,446	6.9	0.0
First-time buyer	£469,496	7	0.2
Former owner occupier	£623,114	6.3	-0.2

Building status for London

Building status	Average price October 2022	Annual price change % since October 2021	Monthly price change % since September 2022
New build	£584,214	15.6	-0.2
Existing resold property	£537,510	5.4	-1.2

Wales

Wales shows, on average, house prices have risen by 0.7% since November 2022. An annual price rise of 10.3% takes the average property value to £222,402.

There were 9 repossession sales for Wales in October 2022.

Average price by property type for Wales

Property type	December 2022	December 2021	Difference %
Detached	£341,060	£308,215	10.7
Semi-detached	£215,835	£194,759	10.8
Terraced	£174,062	£157,496	10.5
Flat/maisonette	£137,638	£129,951	5.9
All	£222,402	£201,586	10.3

Funding and buyer status for Wales

Transaction type	Average price December 2022	Annual price change % since December 2021	Monthly price change % since November 2022
Cash	£214,535	9.3	0.7
Mortgage	£226,928	10.8	0.6
First-time buyer	£192,017	10.6	0.7
Former owner occupier	£258,114	10.1	0.6

Building status for Wales

Building status	Average price October 2022	Annual price change % since October 2021	Monthly price change % since September 2022
New build	£327,065	21.2	2.0
Existing resold property	£217,802	11.1	-0.4

UK house prices

The annual percentage change for average UK house prices was 9.8% in the 12 months to December 2022, compared with 10.6% in the 12 months to November 2022 and 12.0% in the 12 months to October 2022. The average UK house price was £294,000 in December 2022, which is £26,000 higher than 12 months ago. Average house prices increased over the year to £315,000 (10.3%) in England, to £222,000 in Wales (10.3%), to £187,000 in Scotland (5.7%) and to £175,000 in Northern Ireland (10.2%). On a non-seasonally adjusted basis, average UK house prices decreased by 0.4% between November and December 2022, while average UK house prices increased by 0.3% during the same period 12 months ago.

The UK Property Transactions Statistics showed that in December 2022, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 101,920. This is 1.4% higher than 12 months ago (December 2021). Between November and December 2022, UK transactions decreased by 2.6% on a seasonally adjusted basis.

House price annual growth was strongest in the East Midlands where prices increased by 12.3% in the 12 months to December 2022. The lowest annual growth was in Scotland, where prices increased by 5.7% in the 12 months to December 2022. London was the English region with the lowest annual growth, where prices increased by 6.7% in the 12 months to December 2022.

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