According to the latest data released by the UK House Price Index, average house prices in the UK experienced a 3.5% increase in the 12 months leading up to April 2023. This growth rate is slightly lower than the 4.1% recorded in March 2023. The average house price in the UK reached £286,000 in April 2023, which is £9,000 higher than the previous year but £7,000 lower than the peak in September 2022.
Among the countries within the UK, England saw the highest average house price increase of 3.7% over the year, reaching £306,000. Wales experienced a 2.0% increase, with the average house price reaching £213,000. Scotland also recorded a 2.0% increase, with the average house price at £187,000. Northern Ireland had the highest annual increase of 5.0%, bringing the average house price to £172,000.
In terms of regional variations within England, the North East had the highest annual percentage change of 5.5%, while London had the lowest at 2.4%. The North East also had the lowest average house price among English regions at £160,000, while London maintained its position as the region with the highest average house price at £534,000.
The data further revealed that on a seasonally adjusted basis, the average UK house price increased by 0.4% in April 2023 compared to the previous month. However, on a non-seasonally adjusted basis, the increase was 0.5%. The North East and London were the main drivers behind the month-on-month increase in both seasonally adjusted and non-seasonally adjusted house prices.
It is important to note that these figures are preliminary and subject to revision. The COVID-19 pandemic has impacted housing transactions, and more information about the measurement of data can be found in Section 7 of the UK House Price Index report.
The next release of the UK House Price Index is scheduled for July 19, 2023.
https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/april2023