Accredited official statistics

UK House Price Index summary: December 2022

Published 15 February 2023

1. Headline statistics for December 2022

The average price of a property in the UK was £294,329

The annual price change for a property in the UK was 9.8%

The monthly price change for a property in the UK was -0.4%

The monthly index figure (January 2015 = 100) for the UK was 154.4

Estimates for the most recent months are provisional and are likely to be updated as more data is incorporated into the index. Read Revisions to the UK HPI data.

Next publication of UK HPI

The January 2023 UK HPI will be published at 9.30am on Wednesday 22 March 2023. See the calendar of release dates for more information.

2. Economic statement

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.

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.

The Royal Institution of Chartered Surveyors’ (RICS’) December 2022 UK Residential Market Survey reported a further weakening in sales market activity to end the year. Metrics tracking sales, instructions and price trends all slipped deeper into negative territory over the month. Moreover, forward-looking indicators suggest housing market activity will remain on a downward trajectory over the coming months.

The Bank of England’s Agents summary of business conditions 2022 Q4 reported the supply of homes for sale increased faster than demand with higher borrowing costs and concerns about affordability weighing significantly on demand from first-time buyers.

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.

The Bank of England’s Money and Credit December 2022 release reported that mortgage approvals for house purchases, an indicator of future borrowing, decreased to 35,600 in December 2022, from 46,200 in November 2022. This was the fourth consecutive monthly decrease in approvals for house purchases, and the lowest since May 2020. If the onset of the Covid-19 pandemic and period immediately thereafter is excluded, house purchase approvals are at the lowest level since January 2009 (32,400).

3. Price changes

3.1 Annual price change

Annual price change for UK by country over the past 5 years

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Average house prices in the UK increased by 9.8% in the 12 months to December 2022, down from 10.6% in November 2022.

At the country level, the highest annual house price percentage change in the 12 months to December 2022 was recorded in Wales and England, where house prices increased by 10.3%.

Scotland saw houses prices increase by 5.7% in the 12 months to December 2022.

Northern Ireland saw house prices increase by 10.2% over the 12 months to Quarter 4 (October to December) 2022.

3.2 Average price by country and government office region

Price, monthly change and annual change by country and government office region

Country and government office region	Price	Monthly change	Annual change
England	£315,119	-0.2%	10.3%
Northern Ireland (Quarter 4 - 2022)	£175,234	-0.5%	10.2%
Scotland	£187,224	-2.9%	5.7%
Wales	£222,402	0.7%	10.3%
East Midlands	£256,159	0.5%	12.3%
East of England	£363,779	-0.8%	9.9%
London	£543,099	0.0%	6.7%
North East	£163,731	-0.5%	11.7%
North West	£221,101	-0.1%	12.2%
South East	£404,229	0.4%	10.1%
South West	£330,601	-1.8%	8.9%
West Midlands Region	£256,206	0.0%	10.7%
Yorkshire and The Humber	£214,773	0.6%	11.8%

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Price changes by country and government office region

On a non-seasonally adjusted basis, average house prices in the UK decreased by 0.4% between November 2022 and December 2022. This is down from an increase of 0.3% during the same period 12 months ago (November and December 2021). On a seasonally adjusted basis, average house prices in the UK decreased by 0.2% between November 2022 and December 2022.

Note: The Northern Ireland figure represents a 3-month change and is not comparable with the other regions and countries.

3.3 Average price by property type

Average monthly price by property type

Property type	December 2022	December 2021	Difference
Detached	£463,108	£418,943	10.5%
Semi-detached	£286,413	£257,618	11.2%
Terraced	£241,147	£219,790	9.7%
Flat or maisonette	£233,400	£219,288	6.4%
All	£294,329	£268,115	9.8%

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4. Sales volumes

The amount of time between the sale of a property and the registration of this information varies. It typically ranges between 2 weeks and 2 months but can be longer. Volume figures for the most recent 2 months are not yet at a reliable level for reporting, so they are not included in the report. Published transactions for recent months will increase as later registered transactions are incorporated into the index.

Sales volume data is also available by property status (new build and existing property) and funding status (cash and mortgage) in our downloadable data tables. Transactions involving the creation of a new register, such as new builds, are more complex and require more time to process. Read Revisions to the UK HPI data for more information.

4.1 Sales volumes

Number of sales volumes by country

Comparing the provisional volume estimate for the current month with the revised volume estimate for the corresponding month in the previous year

Country	October 2022	October 2021
England	52,334	47,410
Northern Ireland (Quarter 4 - 2022)	2,047	2,260
Scotland	8,945	10,429
Wales	2,993	4,155

Note: Comparing the provisional volume estimate for the current month with the revised 12-month volume estimate.

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Note: The ‘Difference’ column has been removed from this table as the latest month’s data are not yet complete.

Note: The number of property transactions for October 2022 will increase as more transactions are incorporated into the index. See our Revisions Policy for more information.

Comparing the provisional volume estimate for October 2021 with the provisional estimate for October 2022, volume transactions increased by 131.1% in England, decreased by 12.5% in Scotland and increased by 48.4% in Wales. Northern Ireland’s volume transactions decreased by 18.4% in the year to Quarter 4 2022.

UK Property Transaction Statistics published by HM Revenue & Customs (which differ in coverage but are more complete for this period) report that on a non-seasonally adjusted basis, in the 12 months to October 2022 volume transactions increased by 36.8% in England, decreased by 5.1% in Wales, decreased by 11.0% in Scotland, and increased by 7.8% in Northern Ireland.

4.2 Sales volumes for the UK over the past 5 years

Sales volumes for 2018 to 2022 by country: October

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Note: The number of property transactions for October 2022 will increase as more transactions are incorporated into the index. See our Revisions Policy for more information.

Comparing the provisional volume estimate for October 2021 with the provisional estimate for October 2022, UK volume transactions increased by 77.3% in the 12 months to October 2022.

UK Property Transaction Statistics published by HM Revenue & Customs (which differ in coverage but are more complete for this period) report that on a non-seasonally adjusted basis, UK volume transactions increased by 27.6% in the 12 months to October 2022.

5. Property status for UK

Transactions involving the creation of a new register, such as new builds, are more complex and need more time to process. This means they can take longer to appear in the land registers. The volume of new build transactions for the most recent 2 months are not at a reliable level for reporting the breakdown between new build and existing resold property, so they are not included in the report.

New build and existing resold property

Property status	Average price October 2022	Monthly change	Annual change
New build	£396,713	1.4%	19.8%
Existing resold property	£288,245	0.2%	11.4%

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Note: Since the October 2017 release, amendments have been made to our estimation model when calculating our provisional estimate. Find out further information and the impact of this change in the methods used to produce the UK HPI.

6. Buyer status for Great Britain

First time buyer and former owner occupier

For Great Britain only, Northern Ireland data is not available for buyer status.

Type of buyer	Average price December 2022	Monthly change	Annual change
First time buyer	£245,958	-0.3%	10.0%
Former owner occupier	£343,953	-0.6%	9.6%

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7. Funding status for Great Britain

Cash and mortgage

For Great Britain only, Northern Ireland data is not available for funding status.

Funding status	Average price December 2022	Monthly change	Annual change
Cash	£277,675	-0.7%	8.6%
Mortgage	£307,709	-0.4%	10.2%

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8. Housing transaction distributions

Between July and September 2022, there were 226,439 property sales.

The most popular price range for:

• England was £175,000 to £199,999 – 11,438 properties were purchased
• Scotland was £125,000 to £149,999 – 2,851 properties were purchased
• Wales was £125,000 to £149,999 – 1230 properties were purchased
• Northern Ireland was £125,000 to £149,999 – 938 properties were purchased

The charts below show the distribution of housing transactions for Q3 (July to September) 2022 for countries of the UK. Data for Great Britain is presented in bands of £25,000 up to £10 million, followed by a larger band for over £10 million. Data for Northern Ireland is presented in bands of £25,000 up to £500,000, followed by a larger band for over £500,000.

In line with the UK HPI revisions policy, the number of transactions will increase as more data are incorporated into the index, which would also impact the distributions presented in this analysis.

England housing transactions

Price band	Housing transactions
less than £25,000	17
£25,000 - £49,999	458
£50,000 - £74,999	2416
£75,000 - £99,999	5362
£100,000 - £124,999	7422
£125,000 - £149,999	9755
£150,000 - £174,999	10987
£175,000 - £199,999	11438
£200,000 - £224,999	10677
£225,000 - £249,999	11206
£250,000 - £274,999	10995
£275,000 - £299,999	9968
£300,000 - £324,999	8882
£325,000 - £349,999	8536
£350,000 - £374,999	7840
£375,000 - £399,999	6940
£400,000 - £424,999	5771
£425,000 - £449,999	5440
£450,000 - £474,999	4769
£475,000 - £499,999	4283
£500,000 - £524,999	3418
£525,000 - £549,999	3036
£550,000 - £574,999	2942
£575,000 - £599,999	2457
£600,000 - £624,999	2238
£625,000 - £649,999	2071
£650,000 - £674,999	1913
£675,000 - £699,999	1611
£700,000 - £724,999	1421
£725,000 - £749,999	1251
£750,000 - £774,999	1270
£775,000 - £799,999	1059
£800,000 - £824,999	990
£825,000 - £849,999	833
£850,000 - £874,999	856
£875,000 - £899,999	747
£900,000 - £924,999	671
£925,000 - £949,999	534
£950,000 - £974,999	603
£975,000 - £999,999	513
£1,000,000 - £1,249,999	2668
£1,250,000 - £1,499,999	1821
£1,500,000 - £1,749,999	940
£1,750,000 - £1,999,999	565
£2,000,000 - £4,999,999	1196
£5,000,000 - £9,999,999	112
greater than £10,000,000	26

Scotland housing transactions

Price band	Housing transactions
less than £25,000	75
£25,000 - £49,999	602
£50,000 - £74,999	1640
£75,000 - £99,999	2495
£100,000 - £124,999	2646
£125,000 - £149,999	2851
£150,000 - £174,999	2625
£175,000 - £199,999	2326
£200,000 - £224,999	1982
£225,000 - £249,999	1899
£250,000 - £274,999	1700
£275,000 - £299,999	1377
£300,000 - £324,999	1166
£325,000 - £349,999	1008
£350,000 - £374,999	883
£375,000 - £399,999	643
£400,000 - £424,999	544
£425,000 - £449,999	371
£450,000 - £474,999	320
£475,000 - £499,999	277
£500,000 - £524,999	221
£525,000 - £549,999	157
£550,000 - £574,999	162
£575,000 - £599,999	104
£600,000 - £624,999	121
£625,000 - £649,999	71
£650,000 - £674,999	95
£675,000 - £699,999	72
£700,000 - £724,999	68
£725,000 - £749,999	50
£750,000 - £774,999	48
£775,000 - £799,999	28
£800,000 - £824,999	46
£825,000 - £849,999	33
£850,000 - £874,999	24
£875,000 - £899,999	13
£900,000 - £924,999	27
£925,000 - £949,999	12
£950,000 - £974,999	20
£975,000 - £999,999	12
£1,000,000 - £1,249,999	66
£1,250,000 - £1,499,999	33
£1,500,000 - £1,749,999	10
£1,750,000 - £1,999,999	6
£2,000,000 - £4,999,999	16
£5,000,000 - £9,999,999	0
greater than £10,000,000	0

Wales housing transactions

Price band	Housing transactions
less than £25,000	0
£25,000 - £49,999	24
£50,000 - £74,999	162
£75,000 - £99,999	551
£100,000 - £124,999	802
£125,000 - £149,999	1230
£150,000 - £174,999	1181
£175,000 - £199,999	1090
£200,000 - £224,999	762
£225,000 - £249,999	713
£250,000 - £274,999	575
£275,000 - £299,999	501
£300,000 - £324,999	447
£325,000 - £349,999	355
£350,000 - £374,999	311
£375,000 - £399,999	243
£400,000 - £424,999	180
£425,000 - £449,999	163
£450,000 - £474,999	122
£475,000 - £499,999	108
£500,000 - £524,999	67
£525,000 - £549,999	78
£550,000 - £574,999	46
£575,000 - £599,999	64
£600,000 - £624,999	37
£625,000 - £649,999	34
£650,000 - £674,999	37
£675,000 - £699,999	26
£700,000 - £724,999	15
£725,000 - £749,999	19
£750,000 - £774,999	17
£775,000 - £799,999	18
£800,000 - £824,999	12
£825,000 - £849,999	12
£850,000 - £874,999	15
£875,000 - £899,999	6
£900,000 - £924,999	4
£925,000 - £949,999	5
£950,000 - £974,999	8
£975,000 - £999,999	10
£1,000,000 - £1,249,999	23
£1,250,000 - £1,499,999	14
£1,500,000 - £1,749,999	3
£1,750,000 - £1,999,999	0
£2,000,000 - £4,999,999	2
£5,000,000 - £9,999,999	0
greater than £10,000,000	0

Northern Ireland housing transactions

Price band	Housing transactions
less than £25,000	8
£25,000 - £49,999	82
£50,000 - £74,999	404
£75,000 - £99,999	777
£100,000 - £124,999	791
£125,000 - £149,999	938
£150,000 - £174,999	870
£175,000 - £199,999	690
£200,000 - £224,999	421
£225,000 - £249,999	331
£250,000 - £274,999	247
£275,000 - £299,999	218
£300,000 - £324,999	127
£325,000 - £349,999	111
£350,000 - £374,999	85
£375,000 - £399,999	74
£400,000 - £424,999	59
£425,000 - £449,999	38
£450,000 - £474,999	35
£475,000 - £499,999	39
greater than £500,000	133

9. Access the data

Download the data as CSV files or access it with our UK HPI tool.

Data revisions

View any revisions to previously published data in the data downloads or find out more about revisions in our guidance About the UK HPI.

10. About the UK House Price Index

The UK House Price Index (UK HPI) is calculated by the Office for National Statistics and Land & Property Services Northern Ireland. Find out about the methodology used to create the UK HPI.

Data for the UK House Price Index is provided by HM Land Registry, Registers of Scotland, The Land & Property Services/Northern Ireland Statistics & Research Agency and the Valuation Office Agency.

Find out more about the UK House Price Index.

11. Contact

Eileen Morrison, Data Services Team Leader, HM Land Registry

Email eileen.morrison@landregistry.gov.uk

Telephone 0300 006 5288

Aimee North, Head of Housing Market Indices, Office for National Statistics

Email aimee.north@ons.gov.uk

Telephone 01633 456400

Ciara Cunningham, Statistician for the Northern Ireland HPI

Email ciara.cunningham@finance-ni.gov.uk

Telephone 028 90 336035

Anne MacDonald, Land & Property Data Team, Registers of Scotland

Email Anne.MacDonald@ros.gov.uk

Telephone 0131 378 4991