UK House Prices Take a Breather: January Sees Prices Retreat
UK property prices dipped in January, snapping the holiday season’s upward trend. On average, house prices fell by 1.1% since December 2022. But don’t ditch hope yet – the annual price hike still stands strong at 6.3%, putting the average UK home value at £289,818.
England: Slight Drop, But Price Growth Still Steady
Across England, prices slid 1.2% from December but climbed 6.9% year-on-year, lifting the average home value to £310,159.
Regional highlights:
- North East: The standout star with a 10% annual price rise and a 0.6% monthly bump.
- London: The slowest gainer, with just a 3.2% annual increase.
- Yorkshire and The Humber: Suffered the sharpest monthly dip – down 2.5%.
Repossession Sales in England
November 2022 saw the fewest repossession sales in the East of England, while the North West faced the highest numbers — a worrying trend for homeowners there.
London Market: Price Plateau with Annual Growth Lagging
Property prices in London fell 1.0% since December. Annual growth is the UK’s lowest at 3.2%, with the average property price still topping £533,986 — the highest in the country.
Wales: Prices Fall But Annual Rise Holds
Wales experienced a 2.3% drop in house prices since December 2022. Annually, prices gained 5.8%, pushing the average property value to £216,871. Five repossession sales were recorded in November 2022.
UK Snapshot: Slower Growth and Falling Transactions
The annual UK house price increase slowed to 6.3% in January from 9.3% in December and 10.2% in November.
Prices rose by £17,000 over the last year, reaching an average of £290,000. England leads at £310,000, Wales follows at £217,000, Scotland at £185,000, and Northern Ireland posts a hefty 10.2% rise at £175,000.
Meanwhile, property transactions are cooling off. January 2023 saw 96,650 sales (for homes above £40,000), down 10.6% from the previous year and 2.6% lower than December 2022.
The North East is charging ahead with a 10% annual boom, while London lags with just 3.2% growth — signalling a potential shift in the market.
