Press release: UK House Price Index for October 2023

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Land Registry

December 20

00:00 2023

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The October data shows:

on average, house prices have fallen 0.7% since September 2023
there has been an annual price fall of 1.2% which makes the average property in the UK valued at 288,000

England

In England the October data shows, on average, house prices have fallenby 0.8% since September 2023. The annual price fall of 1.4% takes the average property value to 306,000.

The regional data for England indicates that:

the South West experienced the greatest monthly rise with a movement of 0.9%
London saw the lowest monthly price growth, with a fall of 3.1%
the North East experienced the greatest annual price rise, up by 0.2%
London saw the lowest annual price growth, with a fall of 3.6%

Price change by region for England

Region	Average price Oct 2023	Annual change % since Sep 2022	Monthly change % since Sep 2023
East Midlands	246,000	-1.7	-1.3
East of England	349,000	-2.3	-1.5
London	516,000	-3.6	-3.1
North East	161,000	0.2	0
North West	216,000	-0.4	-0.4
South East	389,000	-2	-0.9
South West	330,000	-0.6	0.9
West Midlands	253,000	-0.3	-0.5
Yorkshire and the Humber	208,000	-1.2	-0.2

Repossession sales by volume for England

The lowest number of repossession sales in August 2023 was in the East of England and East of England.

The highest number of repossession sales in August 2023 was in Yorkshire and the Humber.

Repossession sales	Aug 2023
East Midlands	4
East of England	4
London	15
North East	13
North West	16
South East	7
South West	5
West Midlands	13
Yorkshire and the Humber	17
England	94

Average price by property type for England

Property type	Oct 2023	Oct 2022	Difference %
Detached	486,000	487,000	-0.3
Semi-detached	297,000	298,000	-0.5
Terraced	249,000	255,000	-2.4
Flat/maisonette	245,000	252,000	-2.8
All	306,000	310,000	-1.4

Funding and buyer status for England

Transaction type	Average price
Oct 2023	Annual price change % since Oct 2022	Monthly price change % since Sep 2023
Cash	286,000	-1.6	-0.5
Mortgage	316,000	-1.4	-0.9
First-time buyer	253,000	-1.7	-0.9
Former owner occupier	352,000	-1.2	1.1

Building status for England

Building status*	Average price
Aug 2023	Annual price change % since Aug 2023	Monthly price change % since Jul 2023
New build	460,000	21.1	11
Existing resold property	302,000	-0.6	1.1

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

London

London shows, on average, house prices have fallen by 3.1% since September 2023. An annual price fall of 3.6% takes the average property value to 516,000.

Average price by property type for London

Property type	Sep 2023	Sep 2022	Difference %
Detached	1,076,000	1,112,000	-3.3
Semi-detached	687,000	707,000	-2.8
Terraced	592,000	600,000	-1.3
Flat/maisonette	447,000	448,000	-1.1
All	537,000	544,000	-1.1

Funding and buyer status for London

Transaction type	Average price
Sep 2023	Annual price change % since Sep 2022	Monthly price change % since Aug 2023
Cash	548,000	-2.4	-1.5
Mortgage	533,000	-0.8	0
First-time buyer	465,000	-0.6	0.2
Former owner occupier	616,000	-1.9	-1

Building status for London

Building status*	Average price
Aug 2023	Annual price change % since Aug 2023	Monthly price change % since July 2023
New build	612,000	14.7	11
Existing resold property	529,000	-2.8	0.9

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

Wales

Wales shows, on average, house prices have fallen by 0.5% since September 2023. An annual price fall of 3% takes the average property value to 214,000.

There were 7 repossession sales for Wales in August 2023.