The latest data from HM Land Registry, Registers of Scotland, and Land and Property Services Northern Ireland reveals the state of the UK housing market in July 2023.
Average UK House Prices and Annual Change
In the 12 months leading up to July 2023, average UK house prices experienced a modest increase of 0.6%. This marks a decrease from the revised 1.9% recorded in June 2023. The average house price in the UK reached £290,000 in July 2023, up £2,000 from the previous year. However, it is still £2,000 below the peak observed in November 2022.
Regional Variations
- England: Average house prices in England increased by 0.6% in the 12 months to July 2023, reaching £309,000. This reflects a drop from the 2.1% increase recorded in June 2023.
- Scotland: Scotland saw a marginal increase of 0.1% in average house prices over the same period, with the average price standing at £192,000 in July 2023.
- Wales: In Wales, average house prices decreased slightly by 0.1% in the 12 months leading up to July 2023, with the average price at £216,000.
- Northern Ireland: Northern Ireland experienced a more robust increase of 2.7% in the year to Quarter 2 (April to June) 2023, resulting in an average house price of £174,000.
Regional House Price Changes
- The North East reported the highest annual percentage change among English regions in the 12 months to July 2023, with an increase of 2.7%.
- In contrast, the South West had the lowest annual house price inflation, with average prices decreasing by 1.0% over the same period.
Market Trends
The data suggests a moderation in house price growth compared to previous months, indicating a possible stabilization in the UK housing market. London, while still the region with the highest average house prices, saw a negative annual inflation rate of 0.8% in the 12 months to July 2023.
Please note that all statistics are non-seasonally adjusted estimates unless otherwise specified. The impact of the COVID-19 pandemic on housing transactions is also acknowledged.
The housing market continues to be an important economic indicator, and these figures provide valuable insights into the ongoing trends in the UK property market.
Keywords: UK, Housing Market, House Prices, Annual Change, Property Market
Source: HM Land Registry, Registers of Scotland, Land and Property Services Northern Ireland