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 | 3.9 |
| Flat/maisonette | £135,001 | £130,183 | 3.7 |
| All | £214,174 | £204,321 | 4.8 |
Funding and buyer status for Wales
| Transaction type | Average price March 2023 | Annual price change % since March 2022 | Monthly price change % since February 2023 |
|---|---|---|---|
| Cash | £206,353 | 4.2 | -0.4 |
| Mortgage | £218,650 | 5.1 | -0.7 |
| First-time buyer | £183,813 | 4.7 | -0.6 |
| Former owner occupier | £250,140 | 5.0 | -0.5 |
Building status for Wales
| Building status | Average price January 2023 | Annual price change % since January 2022 | Monthly price change % since December 2022 |
|---|---|---|---|
| New build | £315,748 | 11 | -3.5 |
| Existing resold property | £211,201 | 5.4 | -2.5 |
UK house prices
The annual percentage change for average UK house prices was 4.1% in the 12 months to March 2023, compared with 5.8% in the 12 months to February 2023.
The average UK house price was £285,000 in March 2023, which is £11,000 higher than 12 months ago, but £8,000 below the recent peak in November 2022. Average house prices increased over the 12 months to £304,000 (4.1%) in England, to £214,000 in Wales (4.8%), to £185,000 in Scotland (3.0%) and to £172,000 in Northern Ireland (5.0%).
On a non-seasonally adjusted basis, average UK house prices decreased by 1.2% between February 2023 and March 2023, while average UK house prices increased by 0.5% during the same period 12 months ago.
The UK Property Transactions Statistics showed that in March 2023, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 89,560. This is 18.9% lower than 12 months ago (March 2022). Between February 2023 and March 2023, UK transactions increased by 1.3% on a seasonally adjusted basis.
Annual house price inflation was highest in the South West where prices increased by 5.4% in the 12 months to March 2023. London was the English region with the lowest annual growth, where prices increased by 1.5% in the 12 months to March 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.
Background
-
We publish the UK House Price Index (HPI) on the second or third Wednesday of each month with Northern Ireland figures updated quarterly. We will publish the April 2023 UK HPI at 9:30am on Wednesday 21 June 2023. See calendar of release dates.
-
We have made some changes to improve the accuracy of the UK HPI. We are not publishing average price and percentage change for new builds and existing resold property as done previously because there are not currently enough new build transactions to provide a reliable result. This means that in this month's UK HPI reports, new builds and existing resold property are reported in line with the sales volumes currently available.
-
The UK HPI revision period has been extended to 13 months, following a review of the revision policy (see calculating the UK HPI section 4.4). This ensures the data used is more comprehensive.
-
Sales volume data is available by property status (new build and existing property) and funding status (cash and mortgage) in our downloadable data tables. Transactions that require us to create a new register, such as new builds, are more complex and require more time to process. Read revisions to the UK HPI data.
-
Revision tables are available for England and Wales within the downloadable data in CSV format. See about the UK HPI f
