UK House prices: latest house price trends from the Land Registry
The average house price in the UK is £294,329, average prices have increased by 9.8% or (£26,214) over the last year, but fell by 0.4% or £1,279 last month. We note that these figures are provisional and subject to change, but it seemed that in December 2022 house prices have started to fall and the peak of house prices may be behind us as the cost of living crisis and rising mortgage rate rises start to bite.
UK average house prices have increased by 27.6% (£63,720) since the start of the COVID-19 pandemic.
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UK average house prices fell in December
UK house prices fell across four regions in December 2022 and rose in four. Overall average house prices fell by £1,279 across the UK in December, and we expect to see house prices continue to fall for several months to come.
The Land Registry data is the most accurate house price data, in our view, although its publication lags the other major house price indices. The other indices have shown falling house prices and we expect the same of the Land Registry Gold Standard index in the months to come.
We continue to believe that in the medium-term demand will outstrip underpinning house prices.
In this article, we look at the house price performance of each region across England and Wales.
Whilst we often talk about the UK Housing market as one market, it is in fact a collection of hundreds and thousands of small local markets. House prices can vary significantly between these different housing markets. We show in the table below the different house prices across the regions of England and Wales
The range of house prices is quite large from average house prices of £163,730 in the North East to average house prices of £624,700 in Inner London.
There are also regional variations in house price inflation. Over the last 12 months, house price inflation across the UK was 9.8%, but varied from 4.3% in Inner London to a rise of 12.3% in the East Midlands.
We show in the table below a summary of the regional house prices and annual house price inflation, house price inflation in the last month and house price inflation since the start of the COVID Pandemic in the UK.
The chart below shows annual house price inflation by region in England and Wales and house price inflation since the start of the COVID Pandemic. All regions of London are underperforming the house price trends elsewhere across the UK.
In the chart below we show the average house price inflation by region in England and Wales since the EU Brexit referendum in June 2016. House prices have risen the most in Wales up 51.9%, followed by Yorkshire and Humberside up 50.6% and the North East up 49.5%.
House prices have risen the least in Outer London up just 10.2% and 16.0% in the South East since the EU Brexit Referendum, the areas where the Remain vote was stronger than in the rest of the country.
The changes in average house prices since the EU Brexit Referendum broadly reflect the regional voting patterns with higher house price inflation in those regions with a strong leave vote and lower house price inflation with a stronger Remain vote.
How much is my house worth?
If you would like to quickly see how much your house is worth you can do so by visiting twindig.com we have details of every house across the country, all 28 million, not just the one million or so that are currently for sale or rent
House prices in England
The average house price in England fell in December 2022 by £577 to £315,120. House prices in England have increased by 10.3% over the last year, fallen by 0.2% over the last month, increased by 27.7% since COVID and are up 38.0% since the EU Brexit Referendum.
To see the hottest 25 and coldest 25 housing markets in England click the buttons below:
House prices in Wales
The average house price in Wales is £222,400. House prices in Wales have increased by 10.3% over the last year, risen by 0.7% over the last month, increased by 34.0% since COVID and by 51.9% since the EU Brexit Referendum.
To see the house price winners and house price league tables for Wales by local authority, click the button below:
House prices in Outer London
The average house price in Outer London is £499,100. House prices in Outer London have increased by 7.7% over the last year, fallen by 0.0% (£200) over the last month, risen by 17.8% since COVID and by 10.2% since the EU Brexit Referendum.
House prices in London
The average house price in London is £543,100. House prices in London have increased by 6.7% over the last year, risen by 0.0% (£188) over the last month, increased by 14.5% since COVID and by 41.5% since the EU Brexit Referendum.
House prices in Inner London
The average house price in Inner London is £624,700. House prices in Inner London have risen by 4.3% over the last year, fallen by 0.4% over the last month and increased by 7.2% since COVID and by 45.0% since the EU Brexit Referendum.
House prices in the South West
The average house price in the South West is £330,600. House prices in the South West have increased by 8.9% over the last year, fallen by 1.8% over the last month, and increased by 29.0% since COVID and by 32.5% since the EU Brexit Referendum.
To see the house price winners and house price league tables for the South West by local authority, click the button below:
House prices in the West Midlands
The average house price in the West Midlands is £256,200. House prices in the West Midlands have increased by 10.7% over the last year, risen by 0.0% (£67) over the last month and increased by 28.8% since COVID and by 36.1% since the EU Brexit Referendum.
To see the house price winners and house price league tables for the West Midlands by local authority, click the button below:
House prices in the South East
The average house price in the South East is £404,200. House prices in the South East have increased by 10.1% over the last year, risen by 0.4% over the last month and increased by 27.0% since COVID and by 16.0% since the EU Brexit Referendum.
To see the house price winners and house price league tables for the South East by local authority, click read more below:
House prices in the East of England
The average house price in the East of England is £363,800. House prices in the East of England have increased by 9.9% over the last year, fallen by 0.8% over the last month and increased by 25.9% since COVID and by 42.8% since the EU Brexit Referendum.
To see the house price winners and house price league tables for the East of England by local authority, click the button below:
House prices in Yorkshire and Humberside
The average house price in Yorkshire and Humberside is £214,800. House prices in Yorkshire and Humberside have increased by 11.8% over the last year, risen by 0.6% over the last month and increased by 30.7% since COVID and by 50.6% since the EU Brexit Referendum.
To see the house price winners and house price league tables for Yorkshire and Humberside by local authority, click the button below:
House prices in the East Midlands
The average house price in the East Midlands is £256,200. House prices in the East Midlands have increased by 12.3% over the last year, risen by 0.5% over the last month and increased by 32.4% since COVID and by 49.2% since the EU Brexit Referendum.
To see the house price winners and house price league tables for the East Midlands by local authority, click the button below:
House prices in the North West
The average house price in the North West is £221,100. House prices in the North West have increased by 12.2% over the last year, fallen by 0.1% over the last month and increased by 34.2% since COVID and by 29.0% since the EU Brexit Referendum.
To see the house price winners and house price league tables for the North West by local authority, click the button below:
House prices in the North East
The average house price in the North East is £163,700. House prices in the North East have increased by 11.7% over the last year, fallen by 0.5% over the last month and increased by 28.9% since COVID and by 49.5% since the EU Brexit Referendum.
To see the house price winners and house price league tables for the North East by local authority, click the button below:
Average UK House Prices and Stamp Duty Holiday
The average house price in the UK has increased by £59,626 since there start of the Stamp Duty Holiday to £294,329 which would equate to a Stamp Duty saving of £4,716.
The average UK house price has therefore increased by £54,909 more than the potential Stamp Duty since the start of the Stamp Duty Holiday.
We show the change in house prices and stamp duty savings in the table below and also a chart to show how much more average house prices have increased than the potential stamp duty saving
House price increases less stamp duty saving
