HM Land Registry
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UK House Price Index for January 2023
The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.
The January data shows:
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on average, house prices have fallen by 1.1% since December 2022
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there has been an annual price rise of 6.3% which makes the average property in the UK valued at £289,818
England
In England, the January data shows that, on average, house prices have fallen 1.2% since December 2022. The annual price rise of 6.9% takes the average property value to £310,159.
The regional data for England indicates that:
- the North East experienced the greatest annual price rise, up by 10.0%
- the North East experienced the greatest monthly growth, with an increase of 0.6%
- London saw the lowest annual price growth, with an increase of 3.2%
- Yorkshire and The Humber saw the most significant monthly price fall, with a movement of –2.5%
Price change by region for England
| Region | Average price January 2023 | Annual change % since January 2022 | Monthly change % since December 2022 |
|---|---|---|---|
| East Midlands | £251,177 | 8.6 | -1.7 |
| East of England | £358,114 | 6.8 | -1.1 |
| London | £533,986 | 3.2 | -1.0 |
| North East | £163,371 | 10 | 0.6 |
| North West | £214,431 | 7.2 | -2.4 |
| South East | £398,368 | 6.3 | -1.2 |
| South West | £329,691 | 7.1 | -0.4 |
| West Midlands | £256,694 | 9.9 | 0.2 |
| Yorkshire and the Humber | £207,635 | 6.5 | -2.5 |
Repossession sales by volume for England
The lowest number of repossession sales in November 2022 was in the East of England.
The highest number of repossession sales in November 2022 was in the North West.
| Repossession sales | November 2022 |
|---|---|
| East Midlands | 4 |
| East of England | 1 |
| London | 8 |
| North East | 7 |
| North West | 26 |
| South East | 10 |
| South West | 5 |
| West Midlands | 10 |
| Yorkshire and the Humber | 5 |
| England | 76 |
Average price by property type for England
| Property type | January 2023 | January 2022 | Difference % |
|---|---|---|---|
| Detached | £489,112 | £456,138 | 7.2 |
| Semi-detached | £299,047 | £277,134 | 7.9 |
| Terraced | £253,547 | £235,755 | 7.5 |
| Flat/maisonette | £250,328 | £241,647 | 3.6 |
| All | £310,159 | £290,016 | 6.9 |
Funding and buyer status for England
| Transaction type | Average price January 2023 | Annual price change % since January 2022 | Monthly price change % since December 2022 |
|---|---|---|---|
| Cash | £290,331 | 6.7 | -1.0 |
| Mortgage | £320,027 | 7.0 | -1.2 |
| First-time buyer | £257,146 | 6.9 | -1.6 |
| Former owner occupier | £356,042 | 7.0 | -0.9 |
Building status for England
| Building status | Average price November 2022 | Annual price change % since November 2021 | Monthly price change % since October 2022 |
|---|---|---|---|
| New build | £445,990 | 24.1 | 7.6 |
| Existing resold property | £307,024 | 10.0 | 0.2 |
London
London shows, on average, house prices have fallen 1.0% since December 2022. An annual price rise of 3.2% takes the average property value to £533,986.
Average price by property type for London
| Property type | January 2023 | January 2022 | Difference % |
|---|---|---|---|
| Detached | £1,094,132 | £1,044,080 | 4.8 |
| Semi-detached | £699,758 | £663,809 | 5.4 |
| Terraced | £589,355 | £561,146 | 5.0 |
| Flat/maisonette | £438,596 | £434,068 | 1.0 |
| All | £533,986 | £517,229 | 3.2 |
Funding and buyer status for London
| Transaction type | Average price January 2023 | Annual price change % since January 2022 | Monthly price change % since December 2022 |
|---|---|---|---|
| Cash | £547,903 | 1.6 | -0.9 |
| Mortgage | £528,619 | 3.6 | -1.0 |
| First-time buyer | £459,631 | 2.9 | -1.3 |
| Former owner occupier | £615,569 | 3.6 | -0.7 |
Building status for London
| Building status | Average price November 2022 | Annual price change % since November 2021 | Monthly price change % since October 2022 |
|---|---|---|---|
| New build | £612,084 | 18.1 | 6.9 |
| Existing resold property | £536,790 | 5.1 | 0.0 |
Wales
Wales shows, on average, house prices have fallen by 2.3% since December 2022. An annual price rise of 5.8% takes the average property value to £216,871.
There were 5 repossession sales for Wales in November 2022.
Average price by property type for Wales
| Property type | January 2023 | January 2022 | Difference % |
|---|---|---|---|
| Detached | £332,208 | £315,842 | 5.2 |
| Semi-detached | £211,471 | £198,890 | 6.3 |
| Terraced | £168,941 | £158,760 |
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