GovWire

UK House Price Index for February 2023

Land Registry

April 19
08:30 2023

There have been several changes to local authority boundaries as of 1 April 2023. The UK HPI February 2023 report and data download (released 19 April 2023) have been updated to reflect these changes, with data available for the new local authorities. Details of the boundary changes can be found in the boundary changes section below.

The February data shows:

  • on average, house prices have fallen by 1.0% since January 2023
  • there has been an annual price rise of 5.5% which makes the average property in the UK valued at 287,506

England

In England, the February data shows that, on average, house prices have fallen 0.8% since January 2023. The annual price rise of 6.0% takes the average property value to 308,365.

The regional data for England indicates that:

  • every region experienced negative growth except Yorkshire and the Humber, where there was 0.0% change in house prices
  • the North East saw the most significant monthly price fall, with a movement of 2.3%
  • the West Midlands experienced the greatest annual price rise, up by 8.6%
  • London saw the lowest annual price growth, with an increase of 2.9%

Price change by region for England

Region Average price February 2023 Annual change % since February 2022 Monthly change % since January 2023
East Midlands 249,751 7.4 -1.1
East of England 357,697 5.6 -0.1
London 532,212 2.9 -1.1
North East 159,980 7.6 -2.3
North West 214,146 7.0 -0.6
South East 395,571 5.8 -1.2
South West 326,616 5.8 -1.2
West Midlands 253,921 8.6 -0.4
Yorkshire and the Humber 207,220 5.5 0.0

Repossession sales by volume for England

The lowest number of repossession sales in December 2022 was in the East of England.

The highest number of repossession sales in December 2022 was in the North West.

Repossession sales December 2022
East Midlands 5
East of England 1
London 9
North East 15
North West 35
South East 11
South West 11
West Midlands 8
Yorkshire and the Humber 12
England 107

Average price by property type for England

Property type February 2023 February 2022 Difference %
Detached 491,142 455,656 7.8
Semi-detached 294,671 277,381 6.2
Terraced 250,516 236,531 5.9
Flat/maisonette 251,420 244,329 2.9
All 308,365 290,774 6.0

Funding and buyer status for England

Transaction type Average price February 2023 Annual price change % since February 2022 Monthly price change % since January 2023
Cash 288,736 5.7 -0.8
Mortgage 318,140 6.2 -0.8
First-time buyer 255,170 5.5 -0.8
Former owner occupier 354,497 6.4 -0.8

Building status for England

Building status Average price December 2022 Annual price change % since December 2021 Monthly price change % since November 2022
New build 430,229 25.5 0.0
Existing resold property 305,604 8.2 -0.1

London

London shows, on average, house prices have fallen 1.1% since January 2023. An annual price rise of 2.9% takes the average property value to 532,212.

Average price by property type for London

Property type February 2023 February 2022 Difference %
Detached 1,101,076 1,048,655 5.0
Semi-detached 692,737 662,038 4.6
Terraced 579,084 557,962 3.8
Flat/maisonette 441,607 435,531 1.4
All 532,212 516,986 2.9

Funding and buyer status for London

Transaction type Average price February 2023 Annual price change % since February 2022 Monthly price change % since January 2023
Cash 550,756 2.3 -0.8
Mortgage 525,891 3.1 -1.2
First-time buyer 458,038 2.5 -1.0
Former owner occupier 613,447 3.4 -1.2

Building status for London

Building status Average price December 2022 Annual price change % since December 2021 Monthly price change % since November 2022
New build 596,449 20.8 0.8
Existing resold property 534,140 4.1 -0.4

Wales

Wales shows, on average, house prices have fallen by 0.6% since January 2023. An annual price rise of 6.4% takes the average property value to 215,343.

There were 6 repossession sales for Wales in December 2022.

Average price by property type for Wales

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Property type February 2023 February 2022 Difference %
Detached 334,546 310,989 7.6
Semi-detached 207,857 195,882
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