Uk House Price Index - March 2023

25th May 2023

Average UK house prices increased by 4.1% in the 12 months to March 2023, down from 5.8% in 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, £214,000 in Wales (4.8%), £185,000 in Scotland (3.0%) and £172,000 in Northern Ireland (5.0%).

The South West saw the highest annual percentage change of all English regions in the 12 months to March 2023 (5.4%), while London saw the lowest (1.5%).

UK house prices
The latest house price data published on GOV.UK by HM Land Registry (HMLR) for March 2023 show that average house prices in the UK increased by 4.1% in the 12 months to March 2023. This was down from 5.8% in the 12 months to February 2023 and the annual inflation recent peak of 14.3% in July 2022. 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.

These estimates are preliminary and are subject to revision. All statistics are non-seasonally adjusted estimates, unless explicitly stated otherwise.

The coronavirus (COVID-19) pandemic affected the supply of housing transactions for a period of time.

The average house price in England increased by 4.1% over the 12 months to March 2023, down from an increase of 6.2% in the 12 months to February 2023. The average house price in England was £304,000 in March 2023.

The average house price in Scotland increased by 3.0% over the 12 months to March 2023, up from an increase of 2.8% in the 12 months to February 2023. The average house price in Scotland was £185,000 in March 2023.

The average house price in Wales increased by 4.8% over the 12 months to March 2023, down from an increase of 6.4% in the 12 months to February 2023. The average house price in Wales was £214,000 in March 2023.

The average house price in Northern Ireland increased by 5.0% over the year to Quarter 1 (Jan to Mar) 2023. Northern Ireland remains the cheapest country in the UK in which to purchase a property, with the average house price at £172,000.

Read the full report HERE

Comment
The house prices in March 2023 may not yet reflect the increases in mortgage rates still feeding through as people come off their fixed term mortgage agreements. There is still a great shortage of new homes and with still high demand prices may come down slowly.