UK House Price Index for July 2023
The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.
The July data shows on average, house prices have risen 0.5% since June 2023 and there has been an annual price rise of 0.6% which makes the average property in the UK valued at £289,824.
England
In England the July data shows, on average, house prices have risen by 0.4% since June 2023. The annual price rise of 0.6% takes the average property value to £308,633.
The regional data for England indicates that:
- Yorkshire and the Humber experienced the greatest monthly rise with a movement of 1.5%
- the East Midlands saw the lowest monthly price growth, with a fall of -0.5%
- the North East experienced the greatest annual price rise, up by 2.7%
- the South West saw the lowest annual price growth, with a fall of -1.0%
Price change by region for England
| Region | Average price July 2023 | Annual change % since July 2022 | Monthly change % since June 2023 |
|---|---|---|---|
| East Midlands | £249,484 | 1.9 | -0.5 |
| East of England | £352,723 | 0.2 | 0.4 |
| London | £534,265 | -0.8 | 1.1 |
| North East | £163,480 | 2.7 | 0.5 |
| North West | £215,648 | 1.0 | 0.3 |
| South East | £394,096 | 0.4 | 0.5 |
| South West | £323,713 | -1.0 | -0.2 |
| West Midlands | £251,313 | 0.4 | 0.2 |
| Yorkshire and the Humber | £212,730 | 2.5 | 1.5 |
Repossession sales by volume for England
The lowest number of repossession sales in May 2023 was in the East of England.
The highest number of repossession sales in May 2023 was in the North West.
| Repossession sales | May 2023 |
|---|---|
| East Midlands | 4 |
| East of England | 1 |
| London | 14 |
| North East | 7 |
| North West | 16 |
| South East | 5 |
| South West | 5 |
| West Midlands | 7 |
| Yorkshire and the Humber | 7 |
| England | 66 |
Average price by property type for England
| Property type | July 2023 | July 2022 | Difference % |
|---|---|---|---|
| Detached | £488,835 | £478,317 | 2.2 |
| Semi-detached | £297,183 | £293,983 | 1.1 |
| Terraced | £252,084 | £252,589 | -0.2 |
| Flat/maisonette | £249,064 | £251,486 | -1.0 |
| All | £308,633 | £306,655 | 0.6 |
Funding and buyer status for England
| Transaction type | Average price July 2023 | Annual price change % since July 2022 | Monthly price change % since June 2023 |
|---|---|---|---|
| Cash | £288,497 | 0.3 | 0.1 |
| Mortgage | £318,627 | 0.8 | 0.6 |
| First-time buyer | £255,455 | 0.3 | 0.3 |
| Former owner occupier | £354,924 | 1.0 | 0.6 |
Building status for England
| Building status | Average price May 2023 | Annual price change % since May 2022 | Monthly price change % since April 2023 |
|---|---|---|---|
| New build | £421,005 | 13.9 | -0.8 |
| Existing resold property | £296,038 | 0.9 | 0.1 |
London
London shows, on average, house prices have risen by 1.1% since June 2023. An annual price fall of -0.8% takes the average property value to £534,265.
Average price by property type for London
| Property type | July 2023 | July 2022 | Difference % |
|---|---|---|---|
| Detached | £1,114,843 | £1,086,212 | 2.6 |
| Semi-detached | £702,145 | £694,831 | 1.1 |
| Terraced | £589,534 | £593,915 | -0.7 |
| Flat/maisonette | £437,993 | £446,212 | -1.8 |
| All | £534,265 | £538,634 | -0.8 |
Funding and buyer status for London
| Transaction type | Average price July 2023 | Annual price change % since July 2022 | Monthly price change % since June 2023 |
|---|---|---|---|
| Cash | £547,416 | -1.9 | -0.3 |
| Mortgage | £529,214 | -0.5 | 1.4 |
| First-time buyer | £458,823 | -1.0 | 0.9 |
| Former owner occupier | £617,918 | -0.5 | 1.3 |
Building status for London
| Building status | Average price May 2023 | Annual price change % since May 2022 | Monthly price change % since April 2023 |
|---|---|---|---|
| New build | £592,751 | 13.2 | 0.9 |
| Existing resold property | £523,710 | 0.4 | -0.5 |
Wales
Wales shows, on average, house prices have rise by 1.1% since June 2023. An annual price fall of -0.1% takes the average property value to £215,632.
There were 3 repossession sales for Wales in May 2023.
Average price by property type for Wales
| Property type | July 2023 | July 2022 | Difference % |
|---|---|---|---|
| Detached | £332,221 | £328,899 | 1.0 |
| Semi-detached | £209,275 | £209,450 | -0.1 |
| Terraced | £167,892 | £169,637 | -1.0 |
| Flat/maisonette | £134,704 | £135,850 | -0.8 |
| All | £215,632 | £215,929 | -0.1 |
Funding and buyer status for Wales
| Transaction type | Average price July 2023 | Annual price change % since July 2022 | Monthly price change % since June 2023 |
|---|---|---|---|
| Cash | £208,522 | -0.3 | 1.6 |
| Mortgage | £219,759 | -0.1 | 0.9 |
| First-time buyer | £185,106 | -0.6 | 1.0 |
| Former owner occupier | £251,800 | 0.3 | 1.3 |
Building status for Wales
| Building status | Average price May 2023 | Annual price change % since May 2022 | Monthly price change % since April 2023 |
|---|---|---|---|
| New build | £319,587 | 14.2 | -0.2 |
| Existing resold property | £207,864 | 1.3 | 1.4 |
UK house prices
The annual percentage change for average UK house prices was 0.6% in the 12 months to July 2023, compared with 1.9% in the 12 months to June 2023.
UK house prices increased by 0.6% in the year to July 2023, down from 2.1% in June 2023. On a non-seasonally adjusted basis, average house prices in the UK increased by 0.5% between June and July 2023, compared with an increase of 1.9% during the same period a year earlier (June and July 2023).
On a non-seasonally adjusted basis, average UK house prices increased by 0.5% between June 2023 and July 2023, compared with an increase of 1.9% during the same period 12 months ago.
The UK Property Transactions Statistics showed that in July 2023, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 86,510. This is 16.3% lower than a year ago. Between June and July 2023, UK transactions increased by 0.8% on a seasonally adjusted basis.
House price growth was strongest in the North East where prices increased by 2.7% in the year to July 2023. The lowest annual growth was in the South West, where prices increased by 1% in the year to July 2023.
See the economic statement.
The UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion. As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.
From: HM Land Registry