UK House Price Index for March 2023

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

The March data shows:

• on average, house prices have fallen by 1.2% since February 2023
• there has been an annual price rise of 4.1% which makes the average property in the UK valued at £285,009

England

In England, the March data shows that, on average, house prices have fallen 1.5% since February 2023.The annual price rise of 4.1% takes the average property value to £304,193.

The regional data for England indicates that:

• No region saw a monthly price rise. The South East experienced the smallest monthly fall with a movement of -0.4%
• the West Midlands saw the most significant monthly price fall, with a movement of –4.0%
• the South West experienced the greatest annual price rise, up by 5.4%
• London saw the lowest annual price growth, with an increase of 1.5%

Price change by region for England

Region	Average price March 2023	Annual change % since March 2022	Monthly change % since February 2023
East Midlands	£246,092	4.9	-1.2
East of England	£351,898	3.9	-2.0
London	£523,325	1.5	-1.7
North East	£156,912	4.0	-1.6
North West	£211,759	5.2	-1.3
South East	£394,543	4.6	-0.4
South West	£326,035	5.4	-0.6
West Midlands	£245,132	3.4	-4.0
Yorkshire and the Humber	£203,635	4.1	-2.1

Repossession sales by volume for England

The lowest number of repossession sales in January 2023 was in the South West.

The highest number of repossession sales in January 2023 was in the South East.

Repossession sales	January 2023
East Midlands	4
East of England	6
London	12
North East	12
North West	13
South East	14
South West	1
West Midlands	7
Yorkshire and the Humber	10
England	79

Average price by property type for England

Property type	March 2023	March 2022	Difference %
Detached	£483,994	£459,987	5.2
Semi-detached	£292,617	£279,591	4.7
Terraced	£244,965	£237,899	3.0
Flat/maisonette	£249,779	£241,496	3.4
All	£304,193	£292,146	4.1

Funding and buyer status for England

Transaction type	Average price March 2023	Annual price change % since March 2022	Monthly price change % since February 2023
Cash	£284,384	3.9	-1.5
Mortgage	£314,028	4.2	-1.5
First-time buyer	£251,841	3.9	-1.6
Former owner occupier	£349,656	4.3	-1.4

Building status for England

Building status	Average price January 2023	Annual price change % since January 2022	Monthly price change % since December 2022
New build	£418,519	12.3	-1.2
Existing resold property	£302,283	6.3	-0.8

London

London shows, on average, house prices have fallen 1.7% since February 2023. An annual price rise of 1.5% takes the average property value to £523,325.

Average price by property type for London

Property type	March 2023	March 2022	Difference %
Detached	£1,077,639	£1,059,572	1.7
Semi-detached	£684,589	£666,861	2.7
Terraced	£565,247	£561,293	0.7
Flat/maisonette	£435,808	£429,475	1.5
All	£523,325	£515,591	1.5

Funding and buyer status for London

Transaction type	Average price March 2023	Annual price change % since March 2022	Monthly price change % since February 2023
Cash	£538,412	0.3	-1.6
Mortgage	£517,818	1.8	-1.7
First-time buyer	£451,730	1.6	-1.5
Former owner occupier	£600,811	1.2	-1.8

Building status for London

Building status	Average price January 2023	Annual price change % since January 2022	Monthly price change % since December 2022
New build	£582,075	8.9	-1.5
Existing resold property	£533,705	3.3	0.0

Wales

Wales shows, on average, house prices have fallen by 0.6% since February 2023. An annual price rise of 4.8% takes the average property value to £214,174.

There was 1 repossession sale for Wales in January 2023.

Average price by property type for Wales

Property type	March 2023	March 2022	Difference %
Detached	£331,364	£314,626	5.3
Semi-detached	£209,424	£197,942	5.8
Terraced	£164,845	£158,656	3.9
Flat/maisonette	£135,001	£130,183	3.7
All	£214,174	£204,321	4.8

Funding and buyer status for Wales

Transaction type	Average price March 2023	Annual price change % since March 2022	Monthly price change % since February 2023
Cash	£206,353	4.2	-0.4
Mortgage	£218,650	5.1	-0.7
First-time buyer	£183,813	4.7	-0.6
Former owner occupier	£250,140	5.0	-0.5

Building status for Wales

Building status	Average price January 2023	Annual price change % since January 2022	Monthly price change % since December 2022
New build	£315,748	11	-3.5
Existing resold property	£211,201	5.4	-2.5

UK house prices

The annual percentage change for average UK house prices was 4.1% in the 12 months to March 2023, compared with 5.8% in the 12 months to February 2023.

The average UK house price was £285,000 in March 2023, which is £11,000 higher than 12 months ago, but £8,000 below the recent peak in November 2022. Average house prices increased over the 12 months to £304,000 (4.1%) in England, to £214,000 in Wales (4.8%), to £185,000 in Scotland (3.0%) and to £172,000 in Northern Ireland (5.0%).

On a non-seasonally adjusted basis, average UK house prices decreased by 1.2% between February 2023 and March 2023, while average UK house prices increased by 0.5% during the same period 12 months ago.

The UK Property Transactions Statistics showed that in March 2023, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 89,560. This is 18.9% lower than 12 months ago (March 2022). Between February 2023 and March 2023, UK transactions increased by 1.3% on a seasonally adjusted basis.

Annual house price inflation was highest in the South West where prices increased by 5.4% in the 12 months to March 2023. London was the English region with the lowest annual growth, where prices increased by 1.5% in the 12 months to March 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