The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.
The February data shows:
- on average, house prices have fallen by 1.0% since January 2023
- there has been an annual price rise of 5.5% which makes the average property in the UK valued at £287,506
England
In England, the February data shows that, on average, house prices have fallen 0.8% since January 2023. The annual price rise of 6.0% takes the average property value to £308,365.
The regional data for England indicates that:
- every region experienced negative growth except Yorkshire and the Humber, where there was 0.0% change in house prices
- the North East saw the most significant monthly price fall, with a movement of –2.3%
- the West Midlands experienced the greatest annual price rise, up by 8.6%
- London saw the lowest annual price growth, with an increase of 2.9%
Price change by region for England
| Region | Average price February 2023 | Annual change % since February 2022 | Monthly change % since January 2023 |
|---|---|---|---|
| East Midlands | £249,751 | 7.4 | -1.1 |
| East of England | £357,697 | 5.6 | -0.1 |
| London | £532,212 | 2.9 | -1.1 |
| North East | £159,980 | 7.6 | -2.3 |
| North West | £214,146 | 7.0 | -0.6 |
| South East | £395,571 | 5.8 | -1.2 |
| South West | £326,616 | 5.8 | -1.2 |
| West Midlands | £253,921 | 8.6 | -0.4 |
| Yorkshire and the Humber | £207,220 | 5.5 | 0.0 |
Repossession sales by volume for England
The lowest number of repossession sales in December 2022 was in the East of England.
The highest number of repossession sales in December 2022 was in the North West.
| Repossession sales | December 2022 |
|---|---|
| East Midlands | 5 |
| East of England | 1 |
| London | 9 |
| North East | 15 |
| North West | 35 |
| South East | 11 |
| South West | 11 |
| West Midlands | 8 |
| Yorkshire and the Humber | 12 |
| England | 107 |
Average price by property type for England
| Property type | February 2023 | February 2022 | Difference % |
|---|---|---|---|
| Detached | £491,142 | £455,656 | 7.8 |
| Semi-detached | £294,671 | £277,381 | 6.2 |
| Terraced | £250,516 | £236,531 | 5.9 |
| Flat/maisonette | £251,420 | £244,329 | 2.9 |
| All | £308,365 | £290,774 | 6.0 |
Funding and buyer status for England
| Transaction type | Average price February 2023 | Annual price change % since February 2022 | Monthly price change % since January 2023 |
|---|---|---|---|
| Cash | £288,736 | 5.7 | -0.8 |
| Mortgage | £318,140 | 6.2 | -0.8 |
| First-time buyer | £255,170 | 5.5 | -0.8 |
| Former owner occupier | £354,497 | 6.4 | -0.8 |
Building status for England
| Building status | Average price December 2022 | Annual price change % since December 2021 | Monthly price change % since November 2022 |
|---|---|---|---|
| New build | £430,229 | 25.5 | 0.0 |
| Existing resold property | £305,604 | 8.2 | -0.1 |
London
London shows, on average, house prices have fallen 1.1% since January 2023. An annual price rise of 2.9% takes the average property value to £532,212.
Average price by property type for London
| Property type | February 2023 | February 2022 | Difference % |
|---|---|---|---|
| Detached | £1,101,076 | £1,048,655 | 5.0 |
| Semi-detached | £692,737 | £662,038 | 4.6 |
| Terraced | £579,084 | £557,962 | 3.8 |
| Flat/maisonette | £441,607 | £435,531 | 1.4 |
| All | £532,212 | £516,986 | 2.9 |
Funding and buyer status for London
| Transaction type | Average price February 2023 | Annual price change % since February 2022 | Monthly price change % since January 2023 |
|---|---|---|---|
| Cash | £550,756 | 2.3 | -0.8 |
| Mortgage | £525,891 | 3.1 | -1.2 |
| First-time buyer | £458,038 | 2.5 | -1.0 |
| Former owner occupier | £613,447 | 3.4 | -1.2 |
Building status for London
| Building status | Average price December 2022 | Annual price change % since December 2021 | Monthly price change % since November 2022 |
|---|---|---|---|
| New build | £596,449 | 20.8 | 0.8 |
| Existing resold property | £534,140 | 4.1 | -0.4 |
Wales
Wales shows, on average, house prices have fallen by 0.6% since January 2023. An annual price rise of 6.4% takes the average property value to £215,343.
There were 6 repossession sales for Wales in December 2022.
Average price by property type for Wales
| Property type | February 2023 | February 2022 | Difference % |
|---|---|---|---|
| Detached | £334,546 | £310,989 | 7.6 |
| Semi-detached | £207,857 | £195,882 | 6.1 |
| Terraced | £167,081 | £157,282 | 6.2 |
| Flat/maisonette | £134,557 | £131,396 | 2.4 |
| All | £215,343 | £202,482 | 6.4 |
Funding and buyer status for Wales
| Transaction type | Average price February 2023 | Annual price change % since February 2022 | Monthly price change % since January 2023 |
|---|---|---|---|
| Cash | £207,789 | 5.6 | -0.6 |
| Mortgage | £219,694 | 6.7 | -0.6 |
| First-time buyer | £184,529 | 5.9 | -0.9 |
| Former owner occupier | £251,872 | 6.8 | -0.3 |
Building status for Wales
| Building status | Average price December 2022 | Annual price change % since December 2021 | Monthly price change % since November 2022 |
|---|---|---|---|
| New build | £331,623 | 28.8 | 0.5 |
| Existing resold property | £216,528 | 9.2 | 0.6 |
UK house prices
The annual percentage change for average UK house prices was 5.5% in the 12 months to February 2023, compared with 6.5% in the 12 months to January 2023 and 9.0% in the 12 months to December 2022.
The average UK house price was £288,000 in February 2023, which is £16,000 higher than 12 months ago. Average house prices increased over the 12 months to £308,000 (6.0%) in England, to £215,000 in Wales (6.4%), to £180,000 in Scotland (1.0%) and to £175,000 in Northern Ireland (10.2%).
On a non-seasonally adjusted basis, average UK house prices decreased by 1.0% between January 2023 and February 2023, while average UK house prices decreased by 0.1% during the same period 12 months ago. This caused the UK annual inflation rate to slow this month.
The UK Property Transactions Statistics showed that in February 2023, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 90,340. This is 18.2% lower than 12 months ago (February 2022). Between January 2023 and February 2023, UK transactions decreased by 4.1% on a seasonally adjusted basis.
Annual house price inflation was highest in the West Midlands where prices increased by 8.6% in the 12 months to February 2023. London was the English region with the lowest annual growth, where prices increased by 2.9% in the 12 months to February 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.
Source: HM Land Registry
Buy or sell your property with us!
UK PROPERTIES | online is a platform for property buyers and sellers in the UK.
We invite home owners, real estate agencies, developers and property investors to submit their listings with us.