Uk House Price Index For November 2023

18th January 2024

The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.

The November data shows:

on average, house prices have fallen -0.8% since October 2023
there has been an annual price fall of -2.1% which makes the average property in the UK valued at £285,000.

England
In England the November data shows, on average, house prices have fallen by -1.2% since October 2023. The annual price fall of -2.9% takes the average property value to £302,000.

The regional data for England indicates that:

every region experienced negative monthly growth except Yorkshire and the Humber, where there was 0.0% change in house prices
the West Midlands region saw the most significant monthly price fall with a movement of -3.1%

no region experienced positive annual growth; the North East experienced the smallest decrease in its average property value over the last 12 months with a movement of -0.4%

London saw the lowest annual price growth, with a fall of 6.0%.

UK house prices fell by 2.1% in the year to November 2023, compared with a decrease of 1. 3% in October 2023. On a non-seasonally adjusted basis, average house prices in the UK decreased by 0.8% between October 2023 and November 2023, compared with no change (0.0%) during the same period a year earlier (October and November 2022).

The UK Property Transactions Statistics showed that in November 2023, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 87,640. This is 22.% lower than a year ago (November 2022). Between October and November 2023, UK transactions decreased by 2% on a seasonally adjusted basis.

The North East experienced the smallest decrease in its average property value over the last 12 months with a movement of -0.4%. London was the English region with the lowest annual inflation, where prices decreased by 6.0% in the 12 months to November 2023.