Residential Property Review
Residential Property Review
House Price Index (April 2023) – 150.3
Average House Price –Â ÂĢ286,489
Monthly Change – 0.50%
Annual Change – 3.50%
* (Jan 2015 = 100)
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Average house prices in the UK increased by 3.5% in the year to April 2023
- On a non-seasonally adjusted basis, average UK house prices increasedby 0.5% between March 2023 and April 2023
- The average price in London was ÂĢ533,687.
Source: The Land Registry Release date: 21/06/23 Next data release: 19/07/23
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House prices Price change by region
Region | Monthly Change (%) Â | Annual Change (%) Â | Average Price (ÂĢ) Â |
England | 0.5% | 3.7% | ÂĢ305,731 |
Northern Ireland (Quarter 1 – 2023) | -1.8% | 5.0% | ÂĢ172,005 |
Scotland | 1.3% | 2.0% | ÂĢ187,150 |
Wales | -1.3% | 2.0% | ÂĢ212,834 |
East Midlands  | 0.3% | 4.6% | ÂĢ247,634 |
East of England | -0.4% | 3.1% | ÂĢ351,468 |
London | 2.1% | 2.4% | ÂĢ533,687 |
North East | 1.8% | 5.5% | ÂĢ159,900 |
North West | 0.7% | 4.8% | ÂĢ212,814 |
South East | -0.5% | 3.5% | ÂĢ391,766 |
South West | 0.2% | 4.0% | ÂĢ327,144 |
West Midlands Region | 0.8% | 3.1% | ÂĢ246,144 |
Yorkshire and The Humber | 1.0% | 4.0% | ÂĢ205,523 |
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Average monthly price by property type â April 2023
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Property Type | Annual Increase |
Detached ÂĢ453,771 | 4.2% |
Semi-detached ÂĢ278,729 | 4.5% |
Terraced ÂĢ231,525 | 2.1% |
Flat/maisonette ÂĢ229,752 | 2.7% |
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Housing market outlook
âThe combination of high interest rates and inflation continues to be a heady mix, prompting buyers to remain hesitant. However, professional investors and landlords may find this an optimal time to add to their property portfolio, making the most of deals within the market. Despite all of these headwinds for landlords, demand for letting residential property remains high with tenants competing for limited stock.â – Emma Cox, Managing Director, Shawbrook
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Source: property industry eye, June 2023
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*Content is for informational purposes only. As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.
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