The December data shows:
- on average, house prices have fallen by 0.4% since November 2022
- there has been an annual price rise of 9.8% which makes the average property in the UK valued at £294,329.
England
In England, the December data shows that, on average, house prices have fallen 0.2% since November 2022. The annual price rise of 10.3% takes the average property value to £315,119.
The regional data for England indicates that:
- the East Midlands experienced the greatest annual price rise, up by 12.3%
- Yorkshire and the Humber experienced the greatest monthly growth, with an increase of 0.6%
- London saw the lowest annual price growth, with an increase of 6.7%
- The South West saw the most significant monthly price fall, with a movement of -1.8%
Price change by region for England
| Region | Average price December 2022 | Annual change % since December 2021 | Monthly change % since November 2022 |
|---|---|---|---|
| East Midlands | £256,159 | 12.3 | 0.5 |
| East of England | £363,779 | 9.9 | -0.8 |
| London | £543,099 | 6.7 | 0.0 |
| North East | £163,731 | 11.7 | -0.5 |
| North West | £221,101 | 12.2 | -0.1 |
| South East | £404,229 | 10.1 | 0.4 |
| South West | £330,601 | 8.9 | -1.8 |
| West Midlands | £256,206 | 10.7 | 0.0 |
| Yorkshire and the Humber | £214,773 | 11.8 | 0.6 |
Repossession sales by volume for England
The lowest number of repossession sales in October 2022 was in the East of England.
The highest number of repossession sales in October 2022 was in the North West.
| Repossession sales | October 2022 |
|---|---|
| East Midlands | 7 |
| East of England | 2 |
| London | 7 |
| North East | 10 |
| North West | 17 |
| South East | 5 |
| South West | 5 |
| West Midlands | 3 |
| Yorkshire and the Humber | 12 |
| England | 72 |
Average price by property type for England
| Property type | December 2022 | December 2021 | Difference % |
|---|---|---|---|
| Detached | £494,459 | £446,839 | 10.7 |
| Semi-detached | £303,135 | £271,790 | 11.5 |
| Terraced | £257,846 | £234,369 | 10 |
| Flat/maisonette | £257,260 | £238,748 | 7.8 |
| All | £315,119 | £285,784 | 10.3 |
Funding and buyer status for England
| Transaction type | Average price December 2022 | Annual price change % since December 2021 | Monthly price change % since November 2022 |
|---|---|---|---|
| Cash | £294,010 | 9.2 | -0.4 |
| Mortgage | £325,544 | 10.7 | -0.1 |
| First-time buyer | £262,527 | 10.6 | 0.0 |
| Former owner occupier | £360,439 | 10 | -0.4 |
Building status for England
| Building status | Average price October 2022 | Annual price change % since October 2021 | Monthly price change % since September 2022 |
|---|---|---|---|
| New build | £425,047 | 21.1 | 1.4 |
| Existing resold property | £307,651 | 12.1 | 0.2 |
London
London shows, on average, house prices didn't change between October 2022 and November 2022. An annual price rise of 6.7% takes the average property value to £543,099.
Average price by property type for London
| Property type | December 2022 | December 2021 | Difference % |
|---|---|---|---|
| Detached | £1,112,825 | £1,037,453 | 7.3 |
| Semi-detached | £708,503 | £656,557 | 7.9 |
| Terraced | £593,676 | £556,229 | 6.7 |
| Flat/maisonette | £449,782 | £424,499 | 6 |
| All | £543,099 | £509,111 | 6.7 |
Funding and buyer status for London
| Transaction type | Average price December 2022 | Annual price change % since December 2021 | Monthly price change % since November 2022 |
|---|---|---|---|
| Cash | £558,237 | 5.7 | 0.2 |
| Mortgage | £537,446 | 6.9 | 0.0 |
| First-time buyer | £469,496 | 7 | 0.2 |
| Former owner occupier | £623,114 | 6.3 | -0.2 |
Building status for London
| Building status | Average price October 2022 | Annual price change % since October 2021 | Monthly price change % since September 2022 |
|---|---|---|---|
| New build | £584,214 | 15.6 | -0.2 |
| Existing resold property | £537,510 | 5.4 | -1.2 |
Wales
Wales shows, on average, house prices have risen by 0.7% since November 2022. An annual price rise of 10.3% takes the average property value to £222,402.
There were 9 repossession sales for Wales in October 2022.
Average price by property type for Wales
| Property type | December 2022 | December 2021 | Difference % |
|---|---|---|---|
| Detached | £341,060 | £308,215 | 10.7 |
| Semi-detached | £215,835 | £194,759 | 10.8 |
| Terraced | £174,062 | £157,496 | 10.5 |
| Flat/maisonette | £137,638 | £129,951 | 5.9 |
| All | £222,402 | £201,586 | 10.3 |
Funding and buyer status for Wales
| Transaction type | Average price December 2022 | Annual price change % since December 2021 | Monthly price change % since November 2022 |
|---|---|---|---|
| Cash | £214,535 | 9.3 | 0.7 |
| Mortgage | £226,928 | 10.8 | 0.6 |
| First-time buyer | £192,017 | 10.6 | 0.7 |
| Former owner occupier | £258,114 | 10.1 | 0.6 |
Building status for Wales
| Building status | Average price October 2022 | Annual price change % since October 2021 | Monthly price change % since September 2022 |
|---|---|---|---|
| New build | £327,065 | 21.2 | 2.0 |
| Existing resold property | £217,802 | 11.1 | -0.4 |
UK house prices
The annual percentage change for average UK house prices was 9.8% in the 12 months to December 2022, compared with 10.6% in the 12 months to November 2022 and 12.0% in the 12 months to October 2022. The average UK house price was £294,000 in December 2022, which is £26,000 higher than 12 months ago. Average house prices increased over the year to £315,000 (10.3%) in England, to £222,000 in Wales (10.3%), to £187,000 in Scotland (5.7%) and to £175,000 in Northern Ireland (10.2%). On a non-seasonally adjusted basis, average UK house prices decreased by 0.4% between November and December 2022, while average UK house prices increased by 0.3% during the same period 12 months ago.
The UK Property Transactions Statistics showed that in December 2022, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 101,920. This is 1.4% higher than 12 months ago (December 2021). Between November and December 2022, UK transactions decreased by 2.6% on a seasonally adjusted basis.
House price annual growth was strongest in the East Midlands where prices increased by 12.3% in the 12 months to December 2022. The lowest annual growth was in Scotland, where prices increased by 5.7% in the 12 months to December 2022. London was the English region with the lowest annual growth, where prices increased by 6.7% in the 12 months to December 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
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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 January 2023 UK HPI at 9:30am on Wednesday 22 March 2023. See calendar of release dates.
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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.
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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.
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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.
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Revision tables are available for England and Wales within the downloadable data in CSV format. See about the UK HPI f
