UK House Prices Slip But Annual Growth Holds Steady
The latest January data reveals a slight dip in house prices across the UK, but a solid annual rise keeps the market buzzing.
- House prices fell by 1.1% since December 2022
- Annual price growth stands strong at 6.3%, with the average UK home valued at £289,818
England Sees Prices Dip Monthly But Climb Yearly
England’s housing market cooled slightly, with prices down 1.2% since December. Yet, year-on-year growth hit 6.9%, pushing the average property value to £310,159.
Regional Winners and Losers in England
- North East: Topped the charts with a 10% annual rise and even recorded a 0.6% monthly increase
- London: Lagged behind with only a 3.2% annual house price rise
- Yorkshire and The Humber: Suffered the sharpest monthly drop, down 2.5%
Repossession Hotspots
The North West faced the highest number of repossession sales in November 2022, while the East of England had the fewest.
London Homes Drop Monthly, Still Top in Price
London’s market dipped 1.0% since December 2022. Despite this, prices climbed 3.2% over the year, with the average home now costing a hefty £533,986.
Wales Prices Take A Bigger Monthly Hit
Wales saw the biggest monthly drop, with prices plummeting 2.3% since December. Yearly growth remains decent at 5.8%, placing the average Welsh home at £216,871.
November repossession sales in Wales were low, with only 5 cases recorded.
UK Market Overview: Growth Slows, But Holds Firm
Annual price increases across the UK are slowing down: 6.3% in the year to January, down from 9.3% in December and 10.2% in November.
Average prices now stand at:
- £310,000 in England (up 6.9%)
- £217,000 in Wales (up 5.8%)
- £185,000 in Scotland (up 1.0%)
- £175,000 in Northern Ireland (up 10.2%)
House transactions also dipped, with 96,650 sales in January 2023 — down 10.6% compared to a year ago, and 2.6% since December.
Fastest Growing Region: North East
The North East is stealing the spotlight with a 10% annual price rise, making it the hottest region for homebuyer value, while London continues to trail behind.
