Land Registry
The May data shows:
- on average, house prices have not changed since April 2023
- there has been an annual price rise of 1.9% which makes the average property in the UK valued at 285,861
England
In England, the May data shows that, on average, house prices have fallen 0.4% since April 2023. The annual price rise of 1.7% takes the average property value to 303,557.
The regional data for England indicates that:
- the West Midlands experienced the greatest monthly price rise with an increase of 0.5%
- London saw the most significant monthly price fall, with a movement of -1.2%
- the North East experienced the greatest annual price rise, up by 4.0%
- the East of England saw the lowest annual price growth, with an increase of 0.0%
Price change by region for England
| Region | Average price May 2023 | Annual change % since May 2022 | Monthly change % since April 2023 |
|---|---|---|---|
| East Midlands | 247,242 | 3.4 | 0.3 |
| East of England | 345,710 | 0.0 | -0.8 |
| London | 525,629 | 0.8 | -1.2 |
| North East | 158,779 | 4.0 | -1.0 |
| North West | 211,790 | 2.7 | -0.2 |
| South East | 388,873 | 1.5 | -0.9 |
| South West | 323,765 | 1.0 | -0.2 |
| West Midlands | 248,166 | 2.2 | 0.5 |
| Yorkshire and the Humber | 204,588 | 1.2 | -0.4 |
Repossession sales by volume for England
The lowest number of repossession sales in March 2023 was in the East Midlands and East of England.
The highest number of repossession sales in March 2023 was in the North East.
| Repossession sales | March 2023 |
|---|---|
| East Midlands | 2 |
| East of England | 2 |
| London | 14 |
| North East | 19 |
| North West | 17 |
| South East | 16 |
| South West | 3 |
| West Midlands | 8 |
| Yorkshire and the Humber | 11 |
| England | 92 |
Average price by property type for England
| Property type | May 2023 | May 2022 | Difference % |
|---|---|---|---|
| Detached | 478,030 | 468,773 | 2 |
| Semi-detached | 289,575 | 285,968 | 1.3 |
| Terraced | 247,907 | 244,456 | 1.4 |
| Flat/maisonette | 249,976 | 245,322 | 1.9 |
| All | 303,557 | 298,596 | 1.7 |
Funding and buyer status for England
| Transaction type | Average price May 2023 | Annual price change % since May 2022 | Monthly price change % since April 2023 |
|---|---|---|---|
| Cash | 284,143 | 1.4 | -0.4 |
| Mortgage | 313,219 | 1.8 | -0.5 |
| First-time buyer | 251,894 | 1.7 | -0.3 |
| Former owner occupier | 348,052 | 1.6 | -0.6 |
Building status for England
| Building status | Average price March 2023 | Annual price change % since March 2022 | Monthly price change % since February 2023 |
|---|---|---|---|
| New build | 439,033 | 19.5 | 0.8 |
| Existing resold property | 295,748 | 3.2 | -1.3 |
London
London shows, on average, house prices have fallen 1.2% since April 2023. An annual price rise of 0.8% takes the average property value to 525,629.
Average price by property type for London
| Property type | May 2023 | May 2022 | Difference % |
|---|---|---|---|
| Detached | 1,061,480 | 1,073,598 | -1.1 |
| Semi-detached | 668,721 | 678,595 | -1.5 |
| Terraced | 573,105 | 571,469 | 0.3 |
| Flat/maisonette | 439,987 | 431,469 | 2.0 |
| All | 525,629 | 521,561 | 0.8 |
Funding and buyer status for London
| Transaction type | Average price May 2023 | Annual price change % since May 2022 | Monthly price change % since April 2023 |
|---|---|---|---|
| Cash | 546,177 | 1.3 | -0.6 |
| Mortgage | 518,898 | 0.7 | -1.4 |
| First-time buyer | 453,057 | 0.9 | -1.2 |
| Former owner occupier | 604,633 | 0.6 | -1.3 |
Building status for London
| Building status | Average price March 2023 | Annual price change % since March 2022 | Monthly price change % since February 2023 |
|---|---|---|---|
| New build | 607,043 | 16.5 | -0.3 |
| Existing resold property | 517,783 | 0.4 | -1.9 |
Wales
Wales shows, on average, house prices have risen by 0.6% since April 2023. An annual price rise of 1.8% takes the average property value to 213,374.
There were 6 repossession sales for Wales in March 2023.
Average price by property type for Wales
| Property type | May 2023 | May 2022 | Dfference % |
|---|---|---|---|
| Detached | 326,767 | 320,304 | 2 |
| Semi-detached | 205,423 | 203,512 | 0.9 |
| Terraced | 167,078 | 163,720 | 2.1 |
| Flat/maisonette | 136,517 | 133,100 | 2.6 |
| All | 213,374 | 209,599 | 1.8 |