UK House Price Index summary: February 2023
Published 19 April 2023
© Crown copyright 2023
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This publication is available at https://www.gov.uk/government/statistics/uk-house-price-index-for-february-2023/uk-house-price-index-summary-february-2023
1. Headline statistics for February 2023
The average price of a property in the UK was £287,506
The annual price change for a property in the UK was 5.5%
The monthly price change for a property in the UK was -1.0%
The monthly index figure (January 2015 = 100) for the UK was 150.8
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 March 2023 UK HPI will be published at 9.30am on Wednesday 24 May 2023. See the calendar of release dates for more information.
2. Economic statement
The annual percentage change for average UK house prices was 5.5% in the 12 months to February 2023, compared with 6.5% in the 12 months to January 2023 and 9.0% in the 12 months to December 2022.
The average UK house price was £288,000 in February 2023, which is £16,000 higher than 12 months ago, but £5,000 below the recent peak in November 2022. Average house prices increased over the 12 months to £308,000 (6.0%) in England, to £215,000 in Wales (6.4%), to £180,000 in Scotland (1.0%) and to £175,000 in Northern Ireland (10.2%).
On a non-seasonally adjusted basis, average UK house prices decreased by 1.0% between January 2023 and February 2023, while average UK house prices decreased by 0.1% during the same period 12 months ago. This caused the UK annual inflation rate to slow this month.
Annual house price inflation was highest in the West Midlands where prices increased by 8.6% in the 12 months to February 2023. London was the English region with the lowest annual growth, where prices increased by 2.9% in the 12 months to February 2023. However, Scotland saw lower annual inflation than London, with prices increasing by 1.0% in the 12 months to February 2023.
The Royal Institution of Chartered Surveyors’ (RICS’) February 2023 UK Residential Market Survey reported a decline in demand and represents the tenth consecutive negative monthly reading for new buyer enquiries. However, it is also the least negative result since July of last year.
The Bank of England’s Agents summary of business conditions 2023 Q1 reported a modest pick-up in secondary market activity and requests for valuations, but said that demand was broadly equal to the supply of properties available.
The UK Property Transactions Statistics showed that in February 2023, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 90,340. This is 18.2% lower than 12 months ago (February 2022). Between January 2023 and February 2023, UK transactions decreased by 4.1% on a seasonally adjusted basis.
The Bank of England’s Money and Credit February 2023 release reported that mortgage approvals for house purchases, an indicator of future borrowing, increased to 43,500 in February 2023, from 39,600 in January 2023. This marked the first monthly increase since August 2022.
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 5.5% in the 12 months to February 2023, down from 6.5% in January 2023.
At the country level, the highest annual house price percentage change in the 12 months to February 2023 was recorded in Wales, where house prices increased by 6.4%.
England saw house prices increase by 6.0% in the 12 months to February 2023.
Scotland saw houses prices increase by 1.0% in the 12 months to February 2023.
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 | £308,365 | -0.8% | 6.0% |
| Northern Ireland (Quarter 4 - 2022) | £175,234 | -0.5% | 10.2% |
| Scotland | £180,287 | -2.6% | 1.0% |
| Wales | £215,343 | -0.6% | 6.4% |
| East Midlands | £249,751 | -1.1% | 7.4% |
| East of England | £357,697 | -0.1% | 5.6% |
| London | £532,212 | -1.1% | 2.9% |
| North East | £159,980 | -2.3% | 7.6% |
| North West | £214,146 | -0.6% | 7.0% |
| South East | £395,571 | -1.2% | 5.8% |
| South West | £326,616 | -1.2% | 5.8% |
| West Midlands Region | £253,921 | -0.4% | 8.6% |
| Yorkshire and The Humber | £207,220 | 0.0% | 5.5% |
Download this table’s data (CSV, 1KB)
Price changes by country and government office region
On a non-seasonally adjusted basis, average house prices in the UK decreased by 1.0% between January 2023 and February 2023. This was down from a decrease of 0.1% during the same period 12 months ago (January 2022 and February 2022). On a seasonally adjusted basis, average house prices in the UK decreased by 0.3% between January 2023 and February 2023.
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 | February 2023 | February 2022 | Difference |
|---|---|---|---|
| Detached | £457,449 | £426,923 | 7.2% |
| Semi-detached | £278,223 | £262,614 | 5.9% |
| Terraced | £234,029 | £221,675 | 5.6% |
| Flat or maisonette | £228,242 | £223,521 | 2.1% |
| All | £287,506 | £272,454 | 5.5% |
Download this table’s data (CSV, 1KB)
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 | December 2022 | December 2021 |
|---|---|---|
| England | 48,463 | 65,784 |
| Northern Ireland (Quarter 4 - 2022) | 2,047 | 2,260 |
| Scotland | 7,735 | 8,934 |
| Wales | 2,817 | 4,122 |
Note: Comparing the provisional volume estimate for the current month with the revised 12-month volume estimate.
Download this table’s data (CSV, 1KB)
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 December 2022 will increase as more transactions are incorporated into the index. See our Revisions Policy for more information.
Comparing the provisional volume estimate for December 2021 with the provisional estimate for December 2022, volume transactions increased by 43.6% in England, decreased by 12.2% in Scotland and increased by 29.0% in Wales. Northern Ireland’s volume transactions decreased by 0.1% 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 December 2022 volume transactions decreased by 1.7% in England, decreased by 10.3% in Wales, decreased by 11.1% in Scotland, and decreased by 11.7% in Northern Ireland.
4.2 Sales volumes for the UK over the past 5 years
Sales volumes for 2018 to 2022 by country: December
Download this table’s data (CSV, 1KB)
Note: The number of property transactions for December 2022 will increase as more transactions are incorporated into the index. See our Revisions Policy for more information.
Comparing the provisional volume estimate for December 2021 with the provisional estimate for December 2022, UK volume transactions increased by 30.5%.
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 decreased by 3.1% in the 12 months to December 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 December 2022 | Monthly change | Annual change |
|---|---|---|---|
| New build | £398,257 | -0.5% | 23.5% |
| Existing resold property | £285,355 | -0.4% | 7.7% |
Download this table’s data (CSV, 1KB)
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 February 2023 | Monthly change | Annual change |
|---|---|---|---|
| First time buyer | £238,742 | -1.0% | 5.0% |
| Former owner occupier | £337,145 | -1.1% | 5.8% |
Download this table’s data (CSV, 1KB)
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 February 2023 | Monthly change | Annual change |
|---|---|---|---|
| Cash | £271,941 | -1.0% | 5.1% |
| Mortgage | £299,991 | -1.0% | 5.6% |
Download this table’s data (CSV, 1KB)
8. 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