UK House Prices Slip in January but Annual Growth Holds Strong
January’s property data reveals a dip in UK house prices since December 2022, but overall annual growth remains solid. Here’s what you need to know:
- House prices dropped 1.1% on average since December 2022.
- The yearly rise stands at a healthy 6.3%, with the average UK home now valued at £289,818.
England Sees Prices Ease Slightly but Annual Gains Keep Smiling
In England, prices fell 1.2% since December, yet the average home price climbs to £310,159, enjoying a yearly increase of 6.9%.
Regional Highlights:
- North East: Tops the charts with a massive 10% annual rise and a 0.6% bump month-to-month.
- London: The slowest growth region, with a modest 3.2% price rise over the year.
- Yorkshire & The Humber: Saw the biggest monthly price fall, plunging 2.5%.
Repossession Snapshot:
November 2022 saw the fewest repossession sales in the East of England, while the North West faced the most.
London’s Property Market: Price Falls But Values Stay Sky-High
London home values dropped 1% from December but still boast an average price of £533,986 thanks to a 3.2% annual rise.
Wales Takes a Hit With Steeper Price Drops
Wales experienced a sharper monthly fall of 2.3%, yet prices rose 5.8% year-on-year to an average of £216,871.
There were just 5 repossession sales in Wales during November 2022.
UK-Wide Price Trends and Transaction Numbers
The UK’s annual price growth dipped from 9.3% in December 2022 to 6.3% in January 2023. Average house prices across the nations:
- England: £310,000 (+6.9%)
- Wales: £217,000 (+5.8%)
- Scotland: £185,000 (+1.0%)
- Northern Ireland: £175,000 (+10.2%)
Property transactions also slowed. January 2023 saw 96,650 residential property sales valued at £40,000 or more—a 10.6% drop from January 2022 and a 2.6% dip from December 2022.
North East Leads the Charge
The North East is the UK’s hottest property market with a stunning 10% annual price rise. Meanwhile, London lags behind with the lowest growth at 3.2%.
