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:

  • on average, house prices have fallen by 1.1% since December 2022

  • 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

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HM Land Registry

HELPING LOCAL COMMUNITIES AND BUSINESSES TO PROSPER
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