The UK House Price Index for June 2023, based on data from HM Land Registry, Registers of Scotland, and Land and Property Services Northern Ireland, indicates a stable yet slightly moderated growth in average house prices across the UK.
Key Highlights:
- The average UK house prices increased by 1.7% in the 12 months leading to June 2023 (provisional estimate), showing a slight decline from the revised 1.8% in May 2023.
- The average UK house price reached £288,000 in June 2023, marking a £5,000 increase compared to the previous year. However, it remains £5,000 below the recent peak observed in November 2022.
- Regional trends reveal that average house prices in England increased to £306,000 (1.9%), in Wales to £213,000 (0.6%), and in Northern Ireland to £174,000 (2.7%) over the 12 months leading to June 2023. Meanwhile, average house prices in Scotland remained relatively unchanged at £189,000 (0.0%).
- Among English regions, the North East experienced the highest annual percentage change in house prices during the same period (4.7%), while London observed the lowest with a negative 0.6% change.
The UK housing market has shown resilience with steady growth rates, though there are variations across different regions and countries. While some areas have seen a decline in growth rates, others continue to experience stable price increases. The broader economic context, including the ongoing impact of the pandemic, has played a role in shaping these trends.
These figures offer valuable insights for homeowners, prospective buyers, and investors, providing a comprehensive view of the evolving UK housing landscape. It remains important for individuals and stakeholders to stay updated on housing market trends to make informed decisions in this dynamic sector. The next release of the UK House Price Index is scheduled for September 20, 2023.