UK House Price Index for October 2023

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

The October data shows:

• on average, house prices have fallen 0.7% since September 2023
• there has been an annual price fall of 1.2% which makes the average property in the UK valued at £288,000

England

In England the October data shows, on average, house prices have fallen by 0.8% since September 2023. The annual price fall of 1.4% takes the average property value to £306,000.

The regional data for England indicates that:

• the South West experienced the greatest monthly rise with a movement of 0.9%
• London saw the lowest monthly price growth, with a fall of  3.1%
• the North East experienced the greatest annual price rise, up by 0.2%
• London saw the lowest annual price growth, with a fall of 3.6%

Price change by region for England

Region	Average price Oct 2023	Annual change % since Sep 2022	Monthly change % since Sep  2023
East Midlands	£246,000	-1.7	-1.3
East of England	£349,000	-2.3	-1.5
London	£516,000	-3.6	-3.1
North East	£161,000	0.2	0
North West	£216,000	-0.4	-0.4
South East	£389,000	-2	-0.9
South West	£330,000	-0.6	0.9
West Midlands	£253,000	-0.3	-0.5
Yorkshire and the Humber	£208,000	-1.2	-0.2

Repossession sales by volume for England

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

The highest number of repossession sales in August  2023 was in Yorkshire and the Humber.

Repossession sales	Aug 2023
East Midlands	4
East of England	4
London	15
North East	13
North West	16
South East	7
South West	5
West Midlands	13
Yorkshire and the Humber	17
England	94

Average price by property type for England

Property type	Oct 2023	Oct  2022	Difference %
Detached	£486,000	£487,000	-0.3
Semi-detached	£297,000	£298,000	-0.5
Terraced	£249,000	£255,000	-2.4
Flat/maisonette	£245,000	£252,000	-2.8
All	£306,000	£310,000	-1.4

Funding and buyer status for England

Transaction type	Average price
Oct  2023	Annual price change % since Oct  2022	Monthly price change % since Sep 2023
Cash	£286,000	-1.6	-0.5
Mortgage	£316,000	-1.4	-0.9
First-time buyer	£253,000	-1.7	-0.9
Former owner occupier	£352,000	-1.2	1.1

Building status for England

Building status*	Average price
Aug 2023	Annual price change % since Aug 2023	Monthly price change % since Jul 2023
New build	£460,000	21.1	11
Existing resold property	£302,000	-0.6	1.1

*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 3.1% since September 2023. An annual price fall of 3.6% takes the average property value to £516,000.

Average price by property type for London

Property type	Sep 2023	Sep 2022	Difference %
Detached	£1,076,000	£1,112,000	-3.3
Semi-detached	£687,000	£707,000	-2.8
Terraced	£592,000	£600,000	-1.3
Flat/maisonette	£447,000	£448,000	-1.1
All	£537,000	£544,000	-1.1

Funding and buyer status for London

Transaction type	Average price
Sep 2023	Annual price change % since Sep 2022	Monthly price change % since Aug 2023
Cash	£548,000	-2.4	-1.5
Mortgage	£533,000	-0.8	0
First-time buyer	£465,000	-0.6	0.2
Former owner occupier	£616,000	-1.9	-1

Building status for London

Building status*	Average price
Aug 2023	Annual price change % since Aug 2023	Monthly price change % since July 2023
New build	£612,000	14.7	11
Existing resold property	£529,000	-2.8	0.9

*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 0.5% since September 2023. An annual price fall of 3% takes the average property value to £214,000.

There were 7 repossession sales for Wales in August 2023.

Average price by property type for Wales

Property type	Oct 2023	Oct 2022	Difference %
Detached	£329,000	£338,000	-2.5
Semi-detached	£209,000	£215,000	-2.7
Terraced	£166,000	£173,000	-3.6
Flat/maisonette	£134,000	£138,000	-3.1
All	£214,000	£221,000	-3

Funding and buyer status for Wales

Transaction type	Average price Oct 2023	Annual price change % since Oct 2022	Monthly price change % since Sep 2023
Cash	£207,000	-3.1	-0.2
Mortgage	£218,000	-3	-0.6
First-time buyer	£184,000	-3.1	-1
Former owner occupier	£251,000	-2.8	-0.5

Building status for Wales

Building status*	Average price Aug 2023	Annual price change % since Aug 2022	Monthly price change % since July 2023
New build	£349,000	21.7	9.8
Existing resold property	£211,000	-0.6	0.4

*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 fell by 1.2% in the year to October 2023, compared with 0. 6% in September 2023. On a non-seasonally adjusted basis, average house prices in the UK decreased by 0.7% between September 2023 and October 2023, compared with an decrease of 0.2% during the same period a year earlier (September and October 2022).

The UK Property Transactions Statistics showed that in October 2023, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 82,910. This is 20.5% lower than a year ago (October 2022). Between September and October 2023, UK transactions decreased by 2.5% on a seasonally adjusted basis.

House price growth was strongest in the North East where prices increased by 0.2% in the year to October 2023. The lowest annual growth was in London, where prices decreased by 3.6% in the year to September 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