UK House Price Index for October 2023

21st December 2023

UK house prices fell by 1.2% in the year to October 2023, compared with 0. 6% in September 2023. On a non-seasonally adjusted basis, average house prices in the UK decreased by 0.7% between September 2023 and October 2023, compared with an decrease of 0.2% during the same period a year earlier (September and October 2022).

The UK Property Transactions Statistics showed that in October 2023, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 82,910. This is 20.5% lower than a year ago (October 2022). Between September and October 2023, UK transactions decreased by 2.5% on a seasonally adjusted basis.

House price growth was strongest in the North East where prices increased by 0.2% in the year to October 2023. The lowest annual growth was in London, where prices decreased by 3.6% in the year to September 2023.