Wednesday 18 Oct 2023 @ 15:20
HM Revenue and Customs
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UK House Price Index for August 2023

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

The August data shows:

  • on average, house prices have risen 0.3% since July 2023
  • there has been an annual price rise of 0.2% which makes the average property in the UK valued at £291,044

England

In England the August data shows, on average, house prices have risen by 0.2% since July 2023. There has been no annual price change, taking the average property value to £309,616.

The regional data for England indicates that:

  • the North East experienced the greatest monthly rise with a movement of 1.3%
  • the East of England saw the lowest monthly price growth, with a fall of -0.7%
  • the North East experienced the greatest annual price rise, up by 3.6%
  • the East of England saw the lowest annual price growth, with a fall of -1.6%

Price change by region for England

Region Average price August 2023 Annual change % since August 2022 Monthly change % since August 2023
East Midlands £250,818 0.5 0.6
East of England £350,728 -1.6 -0.7
London £535,597 -1.4 -0.1
North East £165,366 3.6 1.3
North West £215,791 0.4 0.0
South East £393,417 -0.6 -0.1
South West £328,413 -1.1 1.2
West Midlands £253,519 1.1 0.5
Yorkshire and the Humber £213,264 2.2 0.4

Repossession sales by volume for England

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

The highest number of repossession sales in June 2023 was in the North East.

Repossession sales June 2023
East Midlands 3
East of England 1
London 11
North East 14
North West 8
South East 11
South West 5
West Midlands 6
Yorkshire and the Humber 7
England 66

Average price by property type for England

Property type Aug 2023 Aug 2022 Difference %
Detached £487,570 £484,643 -0.6
Semi-detached £298,943 £296,289 -0.9
Terraced £252,382 £255,046 -1
Flat/maisonette £251,528 £252,898 -0.5
All £309,616 £309,565 0.0

Funding and buyer status for England

Transaction type Average price Aug 2023 Annual price change % since Aug 2022 Monthly price change % since July 2023
Cash £289,425 -0.3 0.2
Mortgage £319,637 0.2 0.2
First-time buyer £256,654 0 0.3
Former owner occupier £355,528 0.1 0.1

Building status for England

Building status Average price June 2023 Annual price change % since June 2023 Monthly price change % since May 2023
New build £443,821 22.1 4.6
Existing resold property £299,068 1.1 1.3

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 -0.1% since July 2023. An annual price fall of -1.4% takes the average property value to £535,597.

Average price by property type for London

Property type August 2023 August 2022 Difference %
Detached £1,093,834 £1,108,205 -1.3
Semi-detached £699,732 £704,338 -0.7
Terraced £587,093 £599,898 -2.1
Flat/maisonette £442,916 £447,939 -1.1
All £535,597 £543,166 -1.4

Funding and buyer status for London

Transaction type Average price Aug 2023 Annual price change % since Aug 2022 Monthly price change % since July 2023
Cash £551,270 -1.9 0.1
Mortgage £529,999 -1.3 -0.1
First-time buyer £460,990 -1.2 0.0
Former owner occupier £617,729 -1.6 -0.1

Building status for London

Building status Average price June 2023 Annual price change % since Jun 2023 Monthly price change % since May 2023
New build £603,182 16.7 1.0
Existing resold property £523,961 -1.6 0.2

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 -0.1% since July 2023. An annual price fall of -0.1% takes the average property value to £216,726

There were 10 repossession sales for Wales in June 2023.

Average price by property type for Wales

Property type Aug 2023 Aug 2022 Difference %
Detached £331,611 £332,062 -0.1
Semi-detached £210,992 £210,213 0.4

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