UK House Price Index for March 2023
24 May 2023 10:36 AM
The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.
The March data shows:
- on average, house prices have fallen by 1.2% since February 2023
- there has been an annual price rise of 4.1% which makes the average property in the UK valued at £285,009
England
In England, the March data shows that, on average, house prices have fallen 1.5% since February 2023.The annual price rise of 4.1% takes the average property value to £304,193.
The regional data for England indicates that:
- No region saw a monthly price rise. The South East experienced the smallest monthly fall with a movement of -0.4%
- the West Midlands saw the most significant monthly price fall, with a movement of –4.0%
- the South West experienced the greatest annual price rise, up by 5.4%
- London saw the lowest annual price growth, with an increase of 1.5%
Price change by region for England
| Region |
Average price March 2023 |
Annual change % since March 2022 |
Monthly change % since February 2023 |
| East Midlands |
£246,092 |
4.9 |
-1.2 |
| East of England |
£351,898 |
3.9 |
-2.0 |
| London |
£523,325 |
1.5 |
-1.7 |
| North East |
£156,912 |
4.0 |
-1.6 |
| North West |
£211,759 |
5.2 |
-1.3 |
| South East |
£394,543 |
4.6 |
-0.4 |
| South West |
£326,035 |
5.4 |
-0.6 |
| West Midlands |
£245,132 |
3.4 |
-4.0 |
| Yorkshire and the Humber |
£203,635 |
4.1 |
-2.1 |
Repossession sales by volume for England
The lowest number of repossession sales in January 2023 was in the South West.
The highest number of repossession sales in January 2023 was in the South East.
| Repossession sales |
January 2023 |
| East Midlands |
4 |
| East of England |
6 |
| London |
12 |
| North East |
12 |
| North West |
13 |
| South East |
14 |
| South West |
1 |
| West Midlands |
7 |
| Yorkshire and the Humber |
10 |
| England |
79 |
Average price by property type for England
| Property type |
March 2023 |
March 2022 |
Difference % |
| Detached |
£483,994 |
£459,987 |
5.2 |
| Semi-detached |
£292,617 |
£279,591 |
4.7 |
| Terraced |
£244,965 |
£237,899 |
3.0 |
| Flat/maisonette |
£249,779 |
£241,496 |
3.4 |
| All |
£304,193 |
£292,146 |
4.1 |
Funding and buyer status for England
| Transaction type |
Average price March 2023 |
Annual price change % since March 2022 |
Monthly price change % since February 2023 |
| Cash |
£284,384 |
3.9 |
-1.5 |
| Mortgage |
£314,028 |
4.2 |
-1.5 |
| First-time buyer |
£251,841 |
3.9 |
-1.6 |
| Former owner occupier |
£349,656 |
4.3 |
-1.4 |
Building status for England
| Building status |
Average price January 2023 |
Annual price change % since January 2022 |
Monthly price change % since December 2022 |
| New build |
£418,519 |
12.3 |
-1.2 |
| Existing resold property |
£302,283 |
6.3 |
-0.8 |
London
London shows, on average, house prices have fallen 1.7% since February 2023. An annual price rise of 1.5% takes the average property value to £523,325.
Average price by property type for London
| Property type |
March 2023 |
March 2022 |
Difference % |
| Detached |
£1,077,639 |
£1,059,572 |
1.7 |
| Semi-detached |
£684,589 |
£666,861 |
2.7 |
| Terraced |
£565,247 |
£561,293 |
0.7 |
| Flat/maisonette |
£435,808 |
£429,475 |
1.5 |
| All |
£523,325 |
£515,591 |
1.5 |
Funding and buyer status for London
| Transaction type |
Average price March 2023 |
Annual price change % since March 2022 |
Monthly price change % since February 2023 |
| Cash |
£538,412 |
0.3 |
-1.6 |
| Mortgage |
£517,818 |
1.8 |
-1.7 |
| First-time buyer |
£451,730 |
1.6 |
-1.5 |
| Former owner occupier |
£600,811 |
1.2 |
-1.8 |
Building status for London
| Building status |
Average price January 2023 |
Annual price change % since January 2022 |
Monthly price change % since December 2022 |
| New build |
£582,075 |
8.9 |
-1.5 |
| Existing resold property |
£533,705 |
3.3 |
0.0 |
Wales
Wales shows, on average, house prices have fallen by 0.6% since February 2023. An annual price rise of 4.8% takes the average property value to £214,174.
There was 1 repossession sale for Wales in January 2023.
Average price by property type for Wales
| Property type |
March 2023 |
March 2022 |
Difference % |
| Detached |
£331,364 |
£314,626 |
5.3 |
| Semi-detached |
£209,424 |
£197,942 |
5.8 |
| Terraced |
£164,845 |
£158,656 |