Accredited official statistics

UK House Price Index summary: March 2023

Published 24 May 2023

1. Headline statistics for March 2023

The average price of a property in the UK was £285,009

The annual price change for a property in the UK was 4.1%

The monthly price change for a property in the UK was -1.2%

The monthly index figure (January 2015 = 100) for the UK was 149.5

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 April 2023 UK HPI will be published at 9.30am on Wednesday 21 June 2023. See the calendar of release dates for more information.

2. Economic statement

The annual percentage change for average UK house prices was 4.1% in the 12 months to March 2023, compared with 5.8% in the 12 months to February 2023.

The average UK house price was £285,000 in March 2023, which is £11,000 higher than 12 months ago, but £8,000 below the recent peak in November 2022. Average house prices increased over the 12 months to £304,000 (4.1%) in England, to £214,000 in Wales (4.8%), to £185,000 in Scotland (3.0%) and to £172,000 in Northern Ireland (5.0%).

On a non-seasonally adjusted basis, average UK house prices decreased by 1.2% between February 2023 and March 2023, while average UK house prices increased by 0.5% during the same period 12 months ago.

Annual house price inflation was highest in the South West where prices increased by 5.4% in the 12 months to March 2023. London was the English region with the lowest annual growth, where prices increased by 1.5% in the 12 months to March 2023.

The Royal Institution of Chartered Surveyors’ (RICS’) March 2023 UK Residential Market Survey reported a fall in demand. When disaggregated, the downturn in buyer demand remains widespread across the UK, with virtually all regions/countries posting a negative reading in the latest returns

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 March 2023, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 89,560. This is 18.9% lower than 12 months ago (March 2022). Between February 2023 and March 2023, UK transactions increased by 1.3% on a seasonally adjusted basis.

The Bank of England’s Money and Credit March 2023 release reported that mortgage approvals for house purchases, an indicator of future borrowing, significantly increased to 52,000 in March 2023, from 44,100 in February 2023, yet remains below the monthly average for 2022 of 62,700.

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 4.1% in the 12 months to March 2023, down from 5.8% in February 2023.

At the country level, the highest annual house price percentage change in the 12 months to March 2023 was recorded in Wales, where house prices increased by 4.8%.

England saw house prices increase by 4.1% in the 12 months to March 2023.

Scotland saw houses prices increase by 3.0% in the 12 months to March 2023.

Northern Ireland saw house prices increase by 5.0% over the 12 months to Quarter 1 (January to March) 2023.

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	£304,193	-1.5%	4.1%
Northern Ireland (Quarter 1 - 2023)	£172,005	-1.8%	5.0%
Scotland	£184,877	0.7%	3.0%
Wales	£214,174	-0.6%	4.8%
East Midlands	£246,092	-1.2%	4.9%
East of England	£351,898	-2.0%	3.9%
London	£523,325	-1.7%	1.5%
North East	£156,912	-1.6%	4.0%
North West	£211,759	-1.3%	5.2%
South East	£394,543	-0.4%	4.6%
South West	£326,035	-0.6%	5.4%
West Midlands Region	£245,132	-4.0%	3.4%
Yorkshire and The Humber	£203,635	-2.1%	4.1%

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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 1.2% between February 2023 and March 2023. This was down from an increase of 0.5% during the same period 12 months ago (February 2022 and March 2022). On a seasonally adjusted basis, average house prices in the UK decreased by 0.9% between February 2023 and March 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	March 2023	March 2022	Difference
Detached	£453,949	£431,184	5.3%
Semi-detached	£277,291	£264,692	4.8%
Terraced	£229,752	£223,048	3.0%
Flat or maisonette	£227,925	£221,211	3.0%
All	£285,009	£273,787	4.1%

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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	January 2023	January 2022
England	36,038	51,592
Northern Ireland	1,427	1,953
Scotland	5,791	7,326
Wales	2,001	2,969

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 January 2023 will increase as more transactions are incorporated into the index. See our Revisions Policy for more information.

Comparing the provisional volume estimate for January 20222 with the provisional estimate for January 2023, volume transactions increased by 17.8% in England, decreased by 19.4% in Scotland and increased by 9.9% in Wales. Northern Ireland’s volume transactions decreased by 21.3% in the year to Quarter 1 2023.

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 January 2023 volume transactions decreased by 7.8% in England, decreased by 17.0% in Wales, decreased by 19.2% in Scotland, and decreased by 22.7% in Northern Ireland.

4.2 Sales volumes for the UK over the past 5 years

Sales volumes for 2019 to 2023 by country: January

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Note: The number of property transactions for January 2023 will increase as more transactions are incorporated into the index. See our Revisions Policy for more information.

Comparing the provisional volume estimate for January 20222 with the provisional estimate for January 2023, UK volume transactions increased by 9.3%.

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 9.6% in the 12 months to January 2023.

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 January 2023	Monthly change	Annual change
New build	£389,659	-0.9%	11.1%
Existing resold property	£282,246	-0.9%	5.6%

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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 March 2023	Monthly change	Annual change
First time buyer	£236,682	-1.3%	3.8%
Former owner occupier	£334,480	-1.1%	4.3%

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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 March 2023	Monthly change	Annual change
Cash	£269,272	-1.1%	3.8%
Mortgage	£297,619	-1.2%	4.2%

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8. Housing transaction distributions

Between October and December 2022, there were 169,263 property sales.

The most popular price range for:

• England was £175,000 to £199,999 – 10,780 properties were purchased
• Scotland was £125,000 to £149,999 – 2,548 properties were purchased
• Wales was £150,000 to £174,999 – 1187 properties were purchased
• Northern Ireland was £150,000 to £174,999 – 909 properties were purchased

The charts below show the distribution of housing transactions for Q4 (October to December) 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	23
£25,000 - £49,999	414
£50,000 - £74,999	2159
£75,000 - £99,999	5224
£100,000 - £124,999	7034
£125,000 - £149,999	8978
£150,000 - £174,999	10364
£175,000 - £199,999	10780
£200,000 - £224,999	10310
£225,000 - £249,999	10581
£250,000 - £274,999	10413
£275,000 - £299,999	9411
£300,000 - £324,999	8374
£325,000 - £349,999	7971
£350,000 - £374,999	7283
£375,000 - £399,999	6540
£400,000 - £424,999	5781
£425,000 - £449,999	5201
£450,000 - £474,999	4662
£475,000 - £499,999	4038
£500,000 - £524,999	3251
£525,000 - £549,999	2766
£550,000 - £574,999	2745
£575,000 - £599,999	2332
£600,000 - £624,999	2189
£625,000 - £649,999	1834
£650,000 - £674,999	1754
£675,000 - £699,999	1452
£700,000 - £724,999	1292
£725,000 - £749,999	1068
£750,000 - £774,999	1178
£775,000 - £799,999	875
£800,000 - £824,999	865
£825,000 - £849,999	769
£850,000 - £874,999	820
£875,000 - £899,999	642
£900,000 - £924,999	594
£925,000 - £949,999	436
£950,000 - £974,999	506
£975,000 - £999,999	387
£1,000,000 - £1,249,999	2338
£1,250,000 - £1,499,999	1433
£1,500,000 - £1,749,999	762
£1,750,000 - £1,999,999	438
£2,000,000 - £4,999,999	885
£5,000,000 - £9,999,999	87
greater than £10,000,000	24

Scotland housing transactions

Price band	Housing transactions
less than £25,000	75
£25,000 - £49,999	611
£50,000 - £74,999	1508
£75,000 - £99,999	2391
£100,000 - £124,999	2314
£125,000 - £149,999	2548
£150,000 - £174,999	2267
£175,000 - £199,999	1951
£200,000 - £224,999	1808
£225,000 - £249,999	1732
£250,000 - £274,999	1509
£275,000 - £299,999	1190
£300,000 - £324,999	1097
£325,000 - £349,999	934
£350,000 - £374,999	728
£375,000 - £399,999	617
£400,000 - £424,999	452
£425,000 - £449,999	329
£450,000 - £474,999	301
£475,000 - £499,999	237
£500,000 - £524,999	218
£525,000 - £549,999	146
£550,000 - £574,999	136
£575,000 - £599,999	105
£600,000 - £624,999	107
£625,000 - £649,999	91
£650,000 - £674,999	77
£675,000 - £699,999	67
£700,000 - £724,999	54
£725,000 - £749,999	38
£750,000 - £774,999	34
£775,000 - £799,999	26
£800,000 - £824,999	24
£825,000 - £849,999	16
£850,000 - £874,999	24
£875,000 - £899,999	16
£900,000 - £924,999	13
£925,000 - £949,999	10
£950,000 - £974,999	11
£975,000 - £999,999	8
£1,000,000 - £1,249,999	59
£1,250,000 - £1,499,999	32
£1,500,000 - £1,749,999	24
£1,750,000 - £1,999,999	9
£2,000,000 - £4,999,999	13
£5,000,000 - £9,999,999	0
greater than £10,000,000	0

Wales housing transactions

Price band	Housing transactions
less than £25,000	1
£25,000 - £49,999	27
£50,000 - £74,999	152
£75,000 - £99,999	495
£100,000 - £124,999	824
£125,000 - £149,999	1144
£150,000 - £174,999	1187
£175,000 - £199,999	966
£200,000 - £224,999	720
£225,000 - £249,999	722
£250,000 - £274,999	611
£275,000 - £299,999	503
£300,000 - £324,999	407
£325,000 - £349,999	308
£350,000 - £374,999	299
£375,000 - £399,999	239
£400,000 - £424,999	190
£425,000 - £449,999	165
£450,000 - £474,999	117
£475,000 - £499,999	102
£500,000 - £524,999	74
£525,000 - £549,999	61
£550,000 - £574,999	69
£575,000 - £599,999	49
£600,000 - £624,999	35
£625,000 - £649,999	27
£650,000 - £674,999	29
£675,000 - £699,999	23
£700,000 - £724,999	27
£725,000 - £749,999	10
£750,000 - £774,999	18
£775,000 - £799,999	8
£800,000 - £824,999	7
£825,000 - £849,999	9
£850,000 - £874,999	7
£875,000 - £899,999	5
£900,000 - £924,999	6
£925,000 - £949,999	4
£950,000 - £974,999	9
£975,000 - £999,999	4
£1,000,000 - £1,249,999	18
£1,250,000 - £1,499,999	6
£1,500,000 - £1,749,999	6
£1,750,000 - £1,999,999	1
£2,000,000 - £4,999,999	0
£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	10
£25,000 - £49,999	107
£50,000 - £74,999	400
£75,000 - £99,999	729
£100,000 - £124,999	759
£125,000 - £149,999	852
£150,000 - £174,999	909
£175,000 - £199,999	673
£200,000 - £224,999	402
£225,000 - £249,999	306
£250,000 - £274,999	225
£275,000 - £299,999	217
£300,000 - £324,999	139
£325,000 - £349,999	106
£350,000 - £374,999	68
£375,000 - £399,999	74
£400,000 - £424,999	49
£425,000 - £449,999	40
£450,000 - £474,999	29
£475,000 - £499,999	22
greater than £500,000	134

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