HM Land Registry
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UK House Price Index for February 2023
The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.
There have been several changes to local authority boundaries as of 1 April 2023. The UK HPI February 2023 report and data download (released 19 April 2023) have been updated to reflect these changes, with data available for the new local authorities. Details of the boundary changes can be found in the boundary changes section below.
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 |
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