UK house price statistics 2023

In 1980, the average UK property would set you back about £20,000. By 1990, this had almost tripled to £58,000. As of July 2023, UK house prices averaged £290,000, more than 14 times their typical value in 1980. This is around £2,000 more compared to June 2022, and a 0.6% rise over the first six months of 2023. 

Our research collates the most recent UK house price statistics for 2023, alongside our own unique data, to show how the market is changing for those looking to buy a property in the UK. By analysing past and present trends, we have outlined how the market has evolved, and suggest what the future has in store for prospective and current UK mortgage owners. 

UK housing market statistics 2023

According to Property Mark, the number of homes for sale fell by 9% between March and June 2023, from an average of 35 to 32 per member branch, respectively.

However, the number of new applicants increased slightly between May and June 2023 (+4%), from an average of 113 per branch to 118. The number of new instructions fell slightly in June 2023, to an average of eight per branch, having typically stood at 10 in April 2022.

In terms of pricing, 81% of property sales in July 2023 were sold below the asking price. Back in May 2022, the corresponding figure was just 23%, highlighting that property prices could start to drop in 2023 as more and more people begin to have lower offers accepted on properties. This latest figure is even higher than the pre-pandemic average sales of 78% below the asking price, suggesting the pressure may be lifting on the housing market. 

By contrast, around 2% of properties sold in May 2023 went for more than the asking price. Back in August 2022, this figure was just over 20%. 

House Price Index (HPI) and number of UK property sales 

Between January 2018 and April 2023, the monthly sales volume for UK properties gradually rose and fell, reaching a low of 28,000 in April 2020. Around 39,580 properties were sold in April 2023, substantially below the all-time peak in June 2021, when property sales reached an excess of 165,000. 

During this time, the House Price Index (HPI) of UK properties steadily grew, from almost 118 in January 2018 to more than 153 in May 2022. As of June 2023, the HPI stood at 150.8.

A breakdown of the House Price Index (HPI) and number of sales for UK properties between 2018 and 2023

The July 2023 RICS Residential Survey results are indicative of continued easing in the UK property sales market. Higher interest rates and a weakening economy are certainly contributing factors, along with low levels of supply, which have helped to drive up prices in many areas of the UK. Focusing on new-buyer enquiries, the headline net balance figure stood at -45% in July 2023 – the 15th successive month with a negative figure, indicating a fall in demand. Agreed sales were also down at -44%. Short-term sale expectations posted a net balance of -45%, and -25% for the 12-month scale (an improvement from -31% in June 2023). 

In regards to new instructions, July 2023 reported figures of -13% – a reflection of the largely steady decline of fresh listings coming onto the market. Average stock levels for July 2023 also stood below 40 per branch, which remains close to an all-time low. 

Elsewhere in the survey, respondents indicated a net balance of -53% on house prices during July 2023 alone. Going forward, the 12-month expectations for UK house prices are -49%, as of July 2022. 

UK average house prices 2023

As of July 2023, the average UK property stood at £290,000. This was +0.9% compared to the previous month, and around +0.5% from July 2022.  

Since January 2006, average UK house prices have fluctuated somewhat in terms of their 12-month percentage change. Generally, this has been a positive change, reflecting a rise in house prices, year-on-year (YoY). However, between June 2008 and October 2009, there was a period of negative growth, reaching as low as -15.6% in February 2009. After this point, there was a rapid increase, up to +9.1% in April 2010.  

A breakdown of the 12-month percentage change in UK house prices between 2006 and 2023

After a relatively brief, but low, spell of negative growth between January 2011 and April 2012, the 12-month percentage change in UK house prices rose and fell, reaching a high of +9.4% in October 2014, and down to a low of +0.7% in April 2020.

After the COVID-19 pandemic, the annual percentage change in the UK average house price increased sharply, with some significant fluctuations (the most extreme being +14% in June 2022). The rise in house prices slowed significantly in 2023, with the annual percentage change for June 2023 standing at +1.7%.

UK house prices by different countries of the UK

A breakdown of UK house prices for different countries of the UK between 2005 and 2023

As of June 2023, the most expensive house prices in the UK could be found in England, averaging at almost £307,000. This is followed by Wales at £213,000 – almost £100,000 cheaper than England for the average property price. Average house prices in Scotland stood at a little less than £190,000, with Northern Ireland's average costs remaining the lowest in the UK at just under £174,000. 

Over time, England has generally remained the most expensive country in the UK to buy a house. The exception to this was between January 2007 to April 2008, when house prices in Northern Ireland exceeded those of England – in some cases by as much as £30,000 – with the country in the midst of a house price boom.

In January 2005, the average Scottish house would set you back almost £94,000, making it the cheapest part of the UK to make a property purchase at the time. Fast-forward to June 2023, and house prices in Scotland increased by more than 100% over an 18-year period – the most for all four UK nations. 

By contrast, English properties increased by almost 93% in the same period, with +74% for Welsh housing, and +55% for those in Northern Ireland. 

How much have house prices changed across England?

The North East region of England experienced the highest annual house price growth over the last 12 months, with average prices increasing by 4.7% in the year to June 2023. This was a small increase from the 4% growth rate recorded in May 2023.

A breakdown of the 12-month price change for UK house prices by region

(Source: HM Land Registry and ONS)

The North West experienced the next highest growth with a 12-month percentage change of +3.7%, followed by the West Midlands (+3.2%). The only negative annual growth rate for June 2023 was in London, where property prices fell 0.6% compared to June 2022. This was down from +0.8% (the corresponding 12-month growth rate for May 2022). 

Despite having the lowest annual house price growth across all UK regions, London remains the most expensive area of the country for property purchases. As of June 2023, the average house in the capital cost almost £528,000. 

Back in 2005, a typical London property would have set you back around £232,000 – slightly more than the average property now in the North West. Since then, the average London property has increased by 127% – more than any other UK region.  

A breakdown of average house price by region in England between 2005 and 2023

House prices in the South East and East of England have also more than doubled since 2005, with the South West additionally seeing a significant increase (+83%) in average property prices over the last 18 years. 

By contrast, the North East experienced the smallest rise in average house prices across the UK between 2005 and 2023, increasing by just over 44%. In 2005, the average house in this region would set you back almost £111,500 – around half the cost of the average London property at the time. 

Jump to June 2023, and the North East remains the most affordable region of England to buy a house (around £161,000 for a typical property). This is almost £50,000 cheaper than Yorkshire and the Humber – the next most affordable area. However, by this point, London property prices are more than three times greater than in the North East.

Average UK house price by property type 

As of July 2023, the average UK property price stood at £289,824. This was a 0.5% decrease on the previous year, when the figure stood at £291,280 (almost £1,500 more expensive by comparison). 

Detached houses were the most expensive type of UK property in June 2023, averaging around £458,000. This was a 0.5% increase from 12 months earlier when the respective figure was almost £456,500. 

A breakdown of average UK house price statistics by type of property 2022-23

Semi-detached properties have seen the biggest percentage increase between 2022-23, at +1%. This results in an average cost of more than £281,500 in July 2023, compared to almost £279,000 in July 2022. 

By contrast, flats and maisonettes were the most affordable properties, on average, in July 2023. A typical flat/maisonette would set you back almost £230,000 mid-way through 2023, compared to around £227,600 just 12 months earlier. This increase of 0.5% was the joint smallest percentage rise across all property types in 2022-23 (equivalent to +£2,277). 

A breakdown of average UK property prices between 2018 and 2023 by property type

Between 2016 and 2023, all UK house prices have followed a similar trend – slow and steady growth up until June 2021, with a short spike and fall, followed by a gradual increase. 

Over these seven years, average UK house prices rose by around 40% for all property types. As of June 2023, the average price of a detached house in the UK was £451,157 (46% more than in January 2016), and £279,059 for a semi-detached property (a 45% increase on January 2016). 

UK flats and maisonettes were marginally cheaper than terraced housing in June 2023, with average prices of £231,037 and £234,373, respectively. This is a rise of 40% for the average terraced house in the UK, and 24% for the average flat/maisonette, over the previous six-and-a-half years.  

A breakdown of the monthly percentage price change across various property types in 2023

(Source: UK Land Registry)

The monthly percentage change across all UK properties generally fluctuated between 1% and -1% throughout 2023. This represents a low of -0.9% in January, and a high of +0.7% in June. 

Semi-detached houses saw the biggest percentage change in all properties (+1.1% in June 2023), followed by +0.8% for terraced properties, and +0.5% for detached houses in the same month. The percentage change for flats and maisonettes increased marginally by +0.1% in June 2023 – a fall from the 1.1% increase recorded in May 2023.

A breakdown of the yearly percentage change to house prices of various property types in 2023

(Source: HM Land Registry)

In terms of yearly percentage change by property type, detached houses saw the largest climb in June 2023, by almost +2.3%. This is followed closely by +2.2% for semi-detached, and +0.8% for both terraced properties and flats and maisonettes. 

UK average house price statistics by type of buyer 2023

As of April 2023, the average price of a UK new build property stood at almost £407,265. This represented a 1.1% increase on the previous month, and an annual increase of more than 19%.

By contrast, the average price of an existing resold property was £277,679. Existing resold properties saw an increase of 0.5% between March and April 2023, and an 2.1% rise over the previous 12 months. 

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A breakdown of UK average property prices by property status and type of buyer 2023

According to first-time buyer statistics, the average price of a first-time buyer property in the UK was almost £240,000, as of June 2023. This represented a rise of 0.8% on May 2023 prices, yet a 1.5% increase over the year. 

Conversely, the average price of a former owner-occupied property was almost £97,000 more by comparison, at over £336,000. This represented a rise of 0.7% from May 2023 figures, and a 1.7% increase from June 2022. 

UK house price statistics by region (2023) 

As of June 2023, the average house price in England stood at £306,447, making it the most expensive UK nation to purchase a property. Despite a 1.9% rise from the previous month, the annual change to house prices in England was up just 0.9% compared to June 2022. 

By contrast, Northern Ireland had the most affordable houses, on average, in June 2023, with a typical property costing just under £174,000 – almost £132,500 less compared to the average property price in England. 

Scottish house prices remained the same between May and June 2023, to around £189,500 for the average property. Over the last year, house prices in Scotland have dropped 0.4% – a figure beaten only by those in the South West (-0.5%). 

In terms of the UK as a whole, all types of mortgage recorded annual price rises over this period.

A breakdown of average UK house price statistics by region (2023)

House price statistics by region show the North East had the most affordable houses, on average, in June 2023. A typical property would set you back around £161,000 – more than three times cheaper than the most expensive region, London, at almost £528,000. 

Incidentally, London saw the smallest growth in property prices across all English regions between 2022-23, with the average house costing 0.5% more in June 2023 compared to 12 months earlier. 

London also saw the largest monthly decrease in UK average house prices. A 0.6% drop between May and June 2023 means a typical property in the capital could set you back more than half a million pounds. 

Which UK region has the lowest average house prices?

The North East has the lowest average house prices, costing £161,034.

A breakdown of annual changes to UK house prices 2022-23

During 2022, the annual change to UK house prices experienced a high degree of fluctuation. All four UK nations registered positive growth in average property prices during this period, ranging from almost 6% in England to more than 16% in Wales. 

As of December 2022, the UK’s annual change to house prices stood at +9.78%, following three months of decline from 12.02% in October 2022. July 2022 saw the highest annual increase in UK property prices over the last two years, at +14.25%.

In the same month, England, Wales, and Northern Ireland also recorded their highest rates of annual change to property prices at +14.88%, +16.24%, and 10.71%, respectively. 

These trends followed a month in which UK figures were at a record low for 2021-22. In June 2022, the UK annual rate for house prices almost halved from its May 2022 figures to +6.87%. Consequently, England also saw a significant drop in its respective rate to +6.28% – its lowest across the previous two years. 

Between January and June 2023, the percentage change in UK house prices decreased across all four nations from: 

• 5.99% to 1.86% in England 

• 4.87% to 0.56% in Wales

• 0.59% to 0.03% in Scotland 

• 4.69% to 2.72% in Northern Ireland.  

UK housing purchase affordability statistics 

In 2022, the average home sold in England cost the equivalent of 8.3 times the average earnings for a full-time employee, compared to 6.2 times for those in Wales.

Since 1997, housing affordability in England and Wales has worsened in every local authority (LA), especially in London and the South East. Back then, almost nine in 10 (89%) LAs had an affordability ratio of less than five times the average workers’ earnings, compared to just 7% in 2022.

However, between 2021-22, housing affordability improved in 235 (71%) of the 330 LAs in England and Wales, and worsened in 89 (27%). 

As of 2022, the most affordable area in London was less affordable than the least affordable part of the North East. Meanwhile, the affordability ratio of lower earners to more affordable housing was better than the ratio for median earners to median priced properties (7.2 vs 8.3, respectively). 

Across England and Wales in 2022:

• Lower earners took home £24,300 a year (compared with a median of £33,100)

• A lower quartile property (valued at £175,000) was the equivalent of 7.2 years of lower earnings) 

• This means the affordability ratio of England and Wales has more than doubled since 1997, when it stood at 3.5

• A median house (valued at £270,000) was the equivalent of 11.1 years of lower earnings.  

UK house price statistics by local authority 2023

Based on UK regional house price statistics, Burnley was the most affordable local authority in England and Wales as of March 2023, with the average property costing just under £116,000. This represents a decrease of 3% from December 2022, when the average price stood at £120,000

A breakdown of house price statistics by most affordable local authority 2023

(Source: ONS)

County Durham, in the North East, was the second most affordable local authority in the country in 2023, with an average house price of £125,000 – a figure that has remained constant since September 2022. 

Blaenau Gwent is the highest-placed Welsh local authority for house price affordability, with the average property costing £132,500 in March 2023. 

UK house price statistics by local authority and property type sold 

In terms of UK house price statistics by property type, Kingston upon Hull has the most affordable detached housing, on average, compared to other local authorities in England and Wales. 

As of March 2023, a typical detached house in Kingston upon Hull would set you back almost £235,000 – a 0.78% decrease on September 2022 prices, when the corresponding average stood at almost £236,750. This figure would have resulted in Kingston upon Hull not even making the top 10 most affordable local authorities in the country for that month.

A breakdown of UK house price statistics by local authority for most affordable detached houses 2023

(Source: ONS)

Hartlepool, in the North East, was the second most affordable local authority for detached housing in March 2023, with a typical property costing just under £250,000 (a 0.01% drop since September 2022). 

Denbighshire is Wales’ highest placed council for most affordable detached housing in 2023, with the average detached property here costing around £255,000 (a 3.2% rise since September 2022). 

A breakdown of UK house price statistics by local authority for most affordable semi-detached houses 2023

(Source: ONS)

In terms of UK house price statistics by property type, County Durham ranks as the cheapest place (on average) to purchase a semi-detached house (£133,000). This figure has remained relatively stable since September 2022, when respective figures stood at £130,500. 

Copeland, in the North West, was the only local authority to see a drop in the average price of semi-detached housing between September 2022 and March 2023 (-1%). As a result, it now becomes the second most affordable part of the country for buying a semi-detached house.

Blaenau Gwent is the only Welsh representative in the top 10 most affordable councils for buying a semi-detached house. A typical semi-detached house here in March 2023 cost around £155,000 (+3% compared to September 2022). 

A breakdown of UK house price statistics by local authority for most affordable terraced houses 2023

(Source: ONS) 

Since September 2022, Hartlepool has ranked as the most affordable local authority for terraced house prices in England and Wales. As of March 2023, a typical terraced property would set you back £84,000. This was around £2,000 less on average compared to the next most affordable area (Burnley), and £3,000 less compared to Middlesborough in third.

The average price of terraced housing in these councils increased slightly between September 2022 and March 2023, ranging from +1.2% in Burley to +7.1% in Stoke-on-Trent. 

A breakdown of UK house price statistics by local authority for most affordable flats/maisonettes 2023

(Source: ONS)

In terms of house price statistics for flats/maisonettes in March 2023, Blaenau Gwent ranks as the most affordable local authority (£63,500), followed by Barrow-in-Furness (£64,000). A similar property in Sunderland, in third position, will cost around £69,000 – a figure that has decreased by 9.8% since September 2022.

Between September 2022 and March 2023, the largest rise in average price of flats and maisonettes was in Blaenau Gwent (+10.4%). As of September 2022, this was the only council across England and Wales where the average price of a flat/maisonette was below £60,000. 

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