UK House Price Index for November 2022

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

The November data shows:

• on average, house prices have fallen by 0.3% since October 2022
• there has been an annual price rise of 10.3% which makes the average property in the UK valued at £294,910.

England

In England, the November data shows that, on average, house prices have fallen 0.2% since October 2022. The annual price rise of 10.9% takes the average property value to £315,073.

The regional data for England indicates that:

• the North West experienced the greatest annual price rise, up by 13.5%
• the East of England experienced the greatest monthly growth, with an increase of 0.6%
• London saw the lowest annual price growth, with an increase of 6.3%
• The North East saw the most significant monthly price fall, with a movement of –2.6%

Price change by region for England

Region	Average price November 2022	Annual change % since November 2021	Monthly change % since October 2022
East Midlands	£253,498	12.2	0.2
East of England	£365,144	10.2	0.6
London	£542,311	6.3	0.1
North East	£162,596	11.6	-2.6
North West	£221,224	13.5	0.4
South East	£402,466	10.0	-0.5
South West	£337,144	11.8	-0.3
West Midlands	£256,937	12.3	-0.1
Yorkshire and the Humber	£212,329	11.4	-0.7

Repossession sales by volume for England

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

The highest number of repossession sales in August 2022 was in the South East.

Repossession sales	September 2022
East Midlands	7
East of England	1
London	8
North East	7
North West	16
South East	17
South West	2
West Midlands	9
Yorkshire and the Humber	14
England	81

Average price by property type for England

Property type	November 2022	November 2021	Difference %
Detached	£495,804	£447,138	10.9
Semi-detached	£302,583	£270,991	11.7
Terraced	£259,045	£230,447	12.4
Flat/maisonette	£254,485	£238,304	6.8
All	£315,073	£284,149	10.9

Funding and buyer status for England

Transaction type	Average price November 2022	Annual price change % since November 2021	Monthly price change % since October 2022
Cash	£294,910	10.5	-0.2
Mortgage	£325,101	11	-0.2
First-time buyer	£261,377	11	-0.2
Former owner occupier	£361,530	10.8	-0.1

Building status for England

Building status	Average price September 2022	Annual price change % since September 2021	Monthly price change % since August 2022
New build	£425,527	20.2	5.4
Existing resold property	£307,755	8.9	0.6

London

London shows, on average, house prices have risen by 0.1% since October 2022. An annual price rise of 6.3% takes the average property value to £542,311.

Average price by property type for London

Property type	November 2022	November 2021	Difference %
Detached	£1,113,571	£1,045,214	6.5
Semi-detached	£711,357	£657,069	8.3
Terraced	£601,131	£551,005	9.1
Flat/maisonette	£443,767	£427,938	3.7
All	£542,311	£510,077	6.3

Funding and buyer status for London

Transaction type	Average price November 2022	Annual price change % since November 2021	Monthly price change % since October 2022
Cash	£556,297	4.6	0.2
Mortgage	£536,895	6.7	0.1
First-time buyer	£466,460	6.1	-0.1
Former owner occupier	£625,609	6.5	0.4

Building status for London

Building status	Average price September 2022	Annual price change % since September 2021	Monthly price change % since August 2022
New build	£589,560	15	4.6
Existing resold property	£543,025	6.4	-0.4

Wales

Wales shows, on average, house prices have fallen by 1.6% since October 2022. An annual price rise of 10.7% takes the average property value to £220,366.

There were 10 repossession sales for Wales in August 2022.

Average price by property type for Wales

Property type	November 2022	November 2021	Difference %
Detached	£336,710	£307,705	9.4
Semi-detached	£214,007	£193,404	10.7
Terraced	£172,992	£153,113	13.0
Flat/maisonette	£136,269	£128,422	6.1
All	£220,366	£199,006	10.7

Funding and buyer status for Wales

Transaction type	Average price November 2022	Annual price change % since November 2021	Monthly price change % since October 2022
Cash	£212,605	9.8	-1.9
Mortgage	£224,829	11.1	-1.5
First-time buyer	£189,969	11.2	-1.5
Former owner occupier	£256,108	10.2	-1.7

Building status for Wales

Building status	Average price September 2022	Annual price change % since September 2021	Monthly price change % since August 2022
New build	£325,064	23.6	6.3
Existing resold property	£219,352	12.9	2.2

UK house prices

The annual percentage change for average UK house prices was 10.3% in the year to November 2022, compared with 12.4% in the year to October 2022 and 9.8% in the year to September 2022. The average UK house price was £295,000 in November 2022, which is £28,000 higher than this time last year. Average house prices increased over the year to £315,000 (10.9%) in England, to £220,000 in Wales (10.7%), to £191,000 in Scotland (5.5%) and to £176,000 in Northern Ireland (10.7%).

The UK Property Transactions Statistics showed that in November 2022, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 107,190. This is 13.3% higher than a year ago (November 2021). Between October and November 2022, UK transactions increased by 0.2% on a seasonally adjusted basis.

House price annual growth was strongest in the North West where prices increased by 13.5% in the year to November 2022. The lowest annual growth was in Scotland, where prices increased by 5.5% in the year to November 2022. London was the English region with the lowest annual growth, where prices increased by 6.3% in the year to November 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