UK House Price Index for December 2023
14 Feb 2024 09:52 AM
The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.
The December data shows:
- on average, house prices have risen 0.1% since November 2023
- there has been an annual price fall of -1.4% which makes the average property in the UK valued at £285,000
England
In England the December data shows, on average, house prices have risen by 0.2% since November 2023. The annual price fall of -2.1% takes the average property value to £302,000.
The regional data for England indicates that:
- the South East experienced the most significant monthly decrease with a movement of -1.9%
- the West Midlands saw the greatest monthly price growth, with a rise of 2.6%
- the North West experienced the greatest annual price rise, up by 1.2%
- London saw the lowest annual price growth, with a fall of -4.8%
Price change by region for England
| Region |
Average price Dec 2023 |
Annual change % since Dec 2022 |
Monthly change % since Nov 2023 |
| East Midlands |
£248,000 |
-1.0 |
1.6 |
| East of England |
£342,000 |
-3.8 |
-0.5 |
| London |
£508,000 |
-4.8 |
0.0 |
| North East |
£158,000 |
-0.8 |
-1.2 |
| North West |
£218,000 |
1.2 |
2.5 |
| South East |
£377,000 |
-4.6 |
-1.9 |
| South West |
£319,000 |
-2.2 |
-0.5 |
| West Midlands |
£253,000 |
0.3 |
2.6 |
| Yorkshire and the Humber |
£208,000 |
-1.2 |
0.1 |
Repossession sales by volume for England
The lowest number of repossession sales in Oct 2023 was in the East of England.
The highest number of repossession sales in Oct 2023 was in the London and North West.
| Repossession sales |
Oct 2023 |
| East Midlands |
6 |
| East of England |
1 |
| London |
15 |
| North East |
10 |
| North West |
15 |
| South East |
8 |
| South West |
2 |
| West Midlands |
7 |
| Yorkshire and the Humber |
11 |
| England |
75 |
Average price by property type for England
| Property type |
Dec 2023 |
Dec 2022 |
Difference % |
| Detached |
£473,000 |
£481,000 |
-1.7 |
| Semi-detached |
£295,000 |
£297,000 |
-0.6 |
| Terraced |
£247,000 |
£254,000 |
-3.0 |
| Flat/maisonette |
£243,000 |
£252,000 |
-3.6 |
| All |
£302,000 |
£309,000 |
-2.1 |
Funding and buyer status for England
| Transaction type |
Average price Dec 2023 |
Annual price change % since Dec 2022 |
Monthly price change % since Nov 2023 |
| Cash |
£282,000 |
-2.5 |
-0.2 |
| Mortgage |
£312,000 |
-2.0 |
0.4 |
| First-time buyer |
£252,000 |
-2.0 |
0.9 |
| Former owner occupier |
£345,000 |
-1.9 |
-0.1 |
Building status for England
| Building status* |
Average price Oct 2023 |
Annual price change % since Oct 2023 |
Monthly price change % since Sep 2023 |
| New build |
£415,000 |
9.3 |
1.4 |
| Existing resold property |
£299,000 |
-1.9 |
0.1 |
*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 not changed since November 2023. An annual price fall of -4.8% takes the average property value to £508,000.
Average price by property type for London
| Property type |
Nov 2023 |
Nov 2022 |
Difference % |
| Detached |
£1,009,000 |
£1,087,000 |
-7.2 |
| Semi-detached |
£661,000 |
£696,000 |
-5.0 |
| Terraced |
£552,000 |
£588,000 |
-6.1 |
| Flat/maisonette |
£424,000 |
£440,000 |
-3.6 |
| All |
£508,000 |
£534,000 |
-4.8 |
Funding and buyer status for London
| Transaction type |
Average price Dec 2023 |
Annual price change % since Dec 2022 |
Monthly price change % since Nov 2023 |
| Cash |
£520,000 |
-5.5 |
0.6 |
| Mortgage |
£503,000 |
-4.6 |
-0.1 |
| First-time buyer |
£440,000 |
-4.3 |
0.6 |
| Former owner occupier |
£580,000 |
-5.6 |
-0.7 |
Building status for London
| Building status* |
Average price Oct 2023 |
Annual price change % since Oct 2023 |
Monthly price change % since Sep 2023 |
| New build |
£544,000 |
2.9 |
-0.9 |
| Existing resold property |
£517,000 |
-3.4 |
-2.0 |
*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 risen by 0.9% since November 2023. An annual price fall of 2.5% takes the average property value to £214,000
There were 2 repossession sales for Wales in October 2023.
Average price by property type for Wales
| Property type |
Dec 2023 |
Dec 2022 |
Difference % |
| Detached |
£325,000 |
£334,000 |
-2.7 |
| Semi-detached |
£210,000 |
£213,000 |
-1.
|