The November data shows:
- on average, house prices have fallen by 0.3% since October 2022
- there has been an annual price rise of 10.3% which makes the average property in the UK valued at £294,910.
England
In England, the November data shows that, on average, house prices have fallen 0.2% since October 2022. The annual price rise of 10.9% takes the average property value to £315,073.
The regional data for England indicates that:
- the North West experienced the greatest annual price rise, up by 13.5%
- the East of England experienced the greatest monthly growth, with an increase of 0.6%
- London saw the lowest annual price growth, with an increase of 6.3%
- The North East saw the most significant monthly price fall, with a movement of -2.6%
Price change by region for England
| Region | Average price November 2022 | Annual change % since November 2021 | Monthly change % since October 2022 |
|---|---|---|---|
| East Midlands | £253,498 | 12.2 | 0.2 |
| East of England | £365,144 | 10.2 | 0.6 |
| London | £542,311 | 6.3 | 0.1 |
| North East | £162,596 | 11.6 | -2.6 |
| North West | £221,224 | 13.5 | 0.4 |
| South East | £402,466 | 10.0 | -0.5 |
| South West | £337,144 | 11.8 | -0.3 |
| West Midlands | £256,937 | 12.3 | -0.1 |
| Yorkshire and the Humber | £212,329 | 11.4 | -0.7 |
Repossession sales by volume for England
The lowest number of repossession sales in September 2022 was in the East of England.
The highest number of repossession sales in August 2022 was in the South East.
| Repossession sales | September 2022 |
|---|---|
| East Midlands | 7 |
| East of England | 1 |
| London | 8 |
| North East | 7 |
| North West | 16 |
| South East | 17 |
| South West | 2 |
| West Midlands | 9 |
| Yorkshire and the Humber | 14 |
| England | 81 |
Average price by property type for England
| Property type | November 2022 | November 2021 | Difference % |
|---|---|---|---|
| Detached | £495,804 | £447,138 | 10.9 |
| Semi-detached | £302,583 | £270,991 | 11.7 |
| Terraced | £259,045 | £230,447 | 12.4 |
| Flat/maisonette | £254,485 | £238,304 | 6.8 |
| All | £315,073 | £284,149 | 10.9 |
Funding and buyer status for England
| Transaction type | Average price November 2022 | Annual price change % since November 2021 | Monthly price change % since October 2022 |
|---|---|---|---|
| Cash | £294,910 | 10.5 | -0.2 |
| Mortgage | £325,101 | 11 | -0.2 |
| First-time buyer | £261,377 | 11 | -0.2 |
| Former owner occupier | £361,530 | 10.8 | -0.1 |
Building status for England
| Building status | Average price September 2022 | Annual price change % since September 2021 | Monthly price change % since August 2022 |
|---|---|---|---|
| New build | £425,527 | 20.2 | 5.4 |
| Existing resold property | £307,755 | 8.9 | 0.6 |
London
London shows, on average, house prices have risen by 0.1% since October 2022. An annual price rise of 6.3% takes the average property value to £542,311.
Average price by property type for London
| Property type | November 2022 | November 2021 | Difference % |
|---|---|---|---|
| Detached | £1,113,571 | £1,045,214 | 6.5 |
| Semi-detached | £711,357 | £657,069 | 8.3 |
| Terraced | £601,131 | £551,005 | 9.1 |
| Flat/maisonette | £443,767 | £427,938 | 3.7 |
| All | £542,311 | £510,077 | 6.3 |
Funding and buyer status for London
| Transaction type | Average price November 2022 | Annual price change % since November 2021 | Monthly price change % since October 2022 |
|---|---|---|---|
| Cash | £556,297 | 4.6 | 0.2 |
| Mortgage | £536,895 | 6.7 | 0.1 |
| First-time buyer | £466,460 | 6.1 | -0.1 |
| Former owner occupier | £625,609 | 6.5 | 0.4 |
Building status for London
| Building status | Average price September 2022 | Annual price change % since September 2021 | Monthly price change % since August 2022 |
|---|---|---|---|
| New build | £589,560 | 15 | 4.6 |
| Existing resold property | £543,025 | 6.4 | -0.4 |
Wales
Wales shows, on average, house prices have fallen by 1.6% since October 2022. An annual price rise of 10.7% takes the average property value to £220,366.
There were 10 repossession sales for Wales in August 2022.
Average price by property type for Wales
| Property type | November 2022 | November 2021 | Difference % |
|---|---|---|---|
| Detached | £336,710 | £307,705 | 9.4 |
| Semi-detached | £214,007 | £193,404 | 10.7 |
| Terraced | £172,992 | £153,113 | 13.0 |
| Flat/maisonette | £136,269 | £128,422 | 6.1 |
| All | £220,366 | £199,006 | 10.7 |
Funding and buyer status for Wales
| Transaction type | Average price November 2022 | Annual price change % since November 2021 | Monthly price change % since October 2022 |
|---|---|---|---|
| Cash | £212,605 | 9.8 | -1.9 |
| Mortgage | £224,829 | 11.1 | -1.5 |
| First-time buyer | £189,969 | 11.2 | -1.5 |
| Former owner occupier | £256,108 | 10.2 | -1.7 |
Building status for Wales
| Building status | Average price September 2022 | Annual price change % since September 2021 | Monthly price change % since August 2022 |
|---|---|---|---|
| New build | £325,064 | 23.6 | 6.3 |
| Existing resold property | £219,352 | 12.9 | 2.2 |
UK house prices
The annual percentage change for average UK house prices was 10.3% in the year to November 2022, compared with 12.4% in the year to October 2022 and 9.8% in the year to September 2022. The average UK house price was £295,000 in November 2022, which is £28,000 higher than this time last year.Average house prices increased over the year to £315,000 (10.9%) in England, to £220,000 in Wales (10.7%), to £191,000 in Scotland (5.5%) and to £176,000 in Northern Ireland (10.7%).
The UK Property Transactions Statistics showed that in November 2022, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 107,190. This is 13.3% higher than a year ago (November 2021). Between October and November 2022, UK transactions increased by 0.2% on a seasonally adjusted basis.
House price annual growth was strongest in the North West where prices increased by 13.5% in the year to November 2022. The lowest annual growth was in Scotland, where prices increased by 5.5% in the year to November 2022. London was the English region with the lowest annual growth, where prices increased by 6.3% in the year to November 2022.
See the economic statement.
The UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion. As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month's set of house price data.
Background
1.We publish the UK House Price Index (HPI) on the second or third Wednesday of each month with Northern Ireland figures updated quarterly. We will publish the November 2022 UK HPI at 9:30am on Wednesday 15 February 2023. See calendar of release dates.
2.We have made some changes to improve the accuracy of the UK HPI. We are not publishing average price and percentage change for new builds and existing resold property as done previously because there are not currently enough new build transactions to provide a reliable result. This means that in this month's UK HPI reports, new builds and existing resold property are reported in line with the sales volumes currently available.
3.The UK HPI revision period has been extended to 13 months, following a review of the revision policy (see calculating the UK HPI section 4.4). This ensures the data used is more comprehensive.
4.Sales volume data is available by property status (new build and existing property) and funding status (cash and mortgage) in our downloadable data tables. Transactions that require us to create a new register, such as new builds, are more complex and require more time to process. Read revisions to the UK HPI data.
5.Revision tables are available for England and Wales within the downloadable data in CSV format. See about the UK HPI f
