UK House Price Index Summary - August 2023

18th October 2023

The annual percentage change for average UK house prices was 0.2% (provisional estimate) in the 12 months to August 2023, compared with 0.7% (revised estimate) in the 12 months to July 2023.

The average UK house price was £291,000 in August 2023 (provisional estimate), which is little changed from 12 months ago, but £9,000 above the recent trough in March 2023. Average house prices in the 12 months to August 2023 remained little changed in England to £310,000 (0.0%), decreased in Wales to £217,000 (negative 0.1%) and increased in Scotland to £194,000 (1.1%). The average house price increased in the year to Q2 (Apr to Jun) 2023 to £174,000 in Northern Ireland (2.7%).

On a non-seasonally adjusted basis, average UK house prices increased by 0.3% between July 2023 and August 2023, compared with an increase of 0.8% during the same period 12 months ago.

Annual house price inflation was highest in the North East where prices increased by 3.6% in the 12 months to August 2023. The East of England was the English region with the lowest annual inflation, where prices decreased by 1.6% in the 12 months to August 2023.

The Royal Institution of Chartered Surveyors' (RICS') August 2023 UK Residential Market Survey reported a sharp downturn in buyer demand. When viewed at the regional and country level, all parts of the UK continue to see significant pull-back in demand.

The Bank of England's Agents summary of business conditions 2023 Q2 reported weaker demand and stronger supply than a year ago, bringing supply and demand closer to balance. This led to more stable prices relative to recent months.

HMRC's UK Property Transactions Statistics showed that in August 2023, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 87,010. This is 15.6% lower than 12 months ago (August 2022). Between July 2023 and August 2023, UK transactions increased by 1.1% on a seasonally adjusted basis.

The Bank of England's Money and Credit August 2023 release reported that mortgage approvals for house purchases, an indicator of future borrowing, decreased to 45,400 in August 2023, the lowest level in 6 months, from 49,500 in July 2023.

Average house prices in the UK increased by 0.2% in the 12 months to August 2023, down from 0.7% in July 2023.

At the country level, the highest annual house price percentage change in the 12 months to August 2023 was recorded in Scotland, where house prices increased by 1.1%.

England average house prices showed little change (0.0%) in the 12 months to August 2023.

Wales saw average house prices decrease by 0.1% in the 12 months to August 2023. This was the first negative annual inflation reported for Wales since the 12 months to April 2020 when annual inflation was -0.9%.

Northern Ireland saw average house prices increase by 2.7% over the 12 months to Quarter 2 (April to June) 2023.

For much more go to -
https://ww.gov.uk/government/statistics/uk-house-price-index-for-august-2023/uk-house-price-index-summary-august-2023#economic-statement