UK House Price Index: August 2023

Average UK house prices show a modest increase of 0.2% in the 12 months to August 2023, a decline from the revised estimate of 0.7% in July 2023. The average UK house price stands at £291,000, showing little change from a year ago but £9,000 above the recent low in March 2023.

House prices in England remained stable at £310,000 (0.0% change) over the 12 months to August 2023, decreasing in Wales to £217,000 (-0.1%), and increasing in Scotland to £194,000 (1.1%). In Northern Ireland, house prices rose by 2.7% to £174,000 in the year to Quarter 2, 2023.

Among English regions, the North East experienced the highest annual percentage change (3.6%), while the East of England saw the lowest (-1.6%). These estimates are provisional and subject to revision.

The average UK house price, on a seasonally adjusted basis, increased by 0.2% in August 2023, following a month-on-month decrease of 0.3% in July 2023. On a non-seasonally adjusted basis, the average UK house price increased by 0.3% in August 2023, following a month-on-month increase of 0.8% in July 2023.

The provisional seasonally adjusted estimate for UK residential transactions in August 2023 was 87,010, 16% lower than the revised estimate for August 2022 and 1% higher than the provisional estimate for July 2023.