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The December data shows:

• on average, house prices have risen 0.1% since November 2023
• there has been an annual price fall of -1.4% which makes the average property in the UK valued at聽拢285,000

England

In England the December data shows, on average, house prices have risen by 0.2% since November 2023.聽The annual price fall of -2.1% takes the average property value to 拢302,000.

The regional data for England indicates that:

• the South East experienced the most significant monthly decrease with a聽movement of -1.9%
• the West Midlands聽saw the greatest monthly price growth, with a rise of 2.6%
• the North West experienced the greatest annual price rise, up by 1.2%
• London saw the lowest annual price growth, with a fall of -4.8%

Price change by region for England

Region	Average price Dec 2023	Annual change % since Dec 2022	Monthly change % since Nov 2023
East Midlands	拢248,000	-1.0	1.6
East of England	拢342,000	-3.8	-0.5
London	拢508,000	-4.8	0.0
North East	拢158,000	-0.8	-1.2
North West	拢218,000	1.2	2.5
South East	拢377,000	-4.6	-1.9
South West	拢319,000	-2.2	-0.5
West Midlands	拢253,000	0.3	2.6
Yorkshire and the Humber	拢208,000	-1.2	0.1

Repossession sales by volume for England

The lowest number of repossession sales in Oct 2023 was in the East of England.

The highest number of repossession sales in Oct 2023 was in the London and North West.

Repossession sales	Oct 2023
East Midlands	6
East of England	1
London	15
North East	10
North West	15
South East	8
South West	2
West Midlands	7
Yorkshire and the Humber	11
England	75

Average price by property type for England

Property type	Dec 2023	Dec 2022	Difference %
Detached	拢473,000	拢481,000	-1.7
Semi-detached	拢295,000	拢297,000	-0.6
Terraced	拢247,000	拢254,000	-3.0
Flat/maisonette	拢243,000	拢252,000	-3.6
All	拢302,000	拢309,000	-2.1

Funding and buyer status for England

Transaction type	Average price Dec 2023	Annual price change % since Dec 2022	Monthly price change %聽since Nov 2023
Cash	拢282,000	-2.5	-0.2
Mortgage	拢312,000	-2.0	0.4
First-time buyer	拢252,000	-2.0	0.9
Former owner occupier	拢345,000	-1.9	-0.1

Building status for England

Building status*	Average price Oct 2023	Annual price change % since Oct 2023	Monthly price change % since Sep 2023
New build	拢415,000	9.3	1.4
Existing resold property	拢299,000	-1.9	0.1

*Figures for the聽2聽most recent months are not being published because there are not enough new build transactions to give a meaningful result.

London

London shows, on average, house prices have not changed since November 2023. An annual price fall of -4.8% takes the average property value to 拢508,000.

Average price by property type for London

Property type	Nov 2023	Nov 2022	Difference %
Detached	拢1,009,000	拢1,087,000	-7.2
Semi-detached	拢661,000	拢696,000	-5.0
Terraced	拢552,000	拢588,000	-6.1
Flat/maisonette	拢424,000	拢440,000	-3.6
All	拢508,000	拢534,000	-4.8

Funding and buyer status for London

Transaction type	Average price Dec 2023	Annual price change % since Dec 2022	Monthly price change %聽since Nov 2023
Cash	拢520,000	-5.5	0.6
Mortgage	拢503,000	-4.6	-0.1
First-time buyer	拢440,000	-4.3	0.6
Former owner occupier	拢580,000	-5.6	-0.7

Building status for London

Building status*	Average price Oct 2023	Annual price change % since Oct 2023	Monthly price change % since Sep 2023
New build	拢544,000	2.9	-0.9
Existing resold property	拢517,000	-3.4	-2.0

*Figures for the聽2聽most recent months are not being published because there are not enough new build transactions to give a meaningful result.

Wales

Wales shows, on average, house prices have聽risen by 0.9% since November 2023. An annual price fall of 2.5% takes the average property value to 拢214,000

There were聽2聽repossession sales for Wales in October 2023.

Average price by property type for Wales

Property type	Dec 2023	Dec 2022	Difference %
Detached	拢325,000	拢334,000	-2.7
Semi-detached	拢210,000	拢213,000	-1.2
Terraced	拢166,000	拢172,000	-3.4
Flat/maisonette	拢134,000	拢138,000	-2.9
All	拢214,000	拢219,000	-2.5

Funding and buyer status for Wales

Transaction type	Average price聽Dec 2023	Annual price change % since Dec 2022	Monthly price change %聽since Nov 2023
Cash	拢205,000	-3.4	0.1
Mortgage	拢219,000	-2.1	1.4
First-time buyer	拢185,000	-2.5	1.3
Former owner occupier	拢248,000	-2.6	0.5

Building status for Wales

Building status*	Average price Oct 2023	Annual price change % since Oct 2022	Monthly price change % since Sep 2023
New build	拢316,000	8.2	1.2
Existing resold property	拢209,000	-3.1	-0.4

*Figures for the聽2聽most recent months are not being published because there are not enough new build transactions to give a meaningful result.

UK house prices

UK house prices fell by 1.4% in the year to December 2023, up from a decrease of 2.3% in the 12 months to November 2023. On a non-seasonally adjusted basis, average house prices in the UK increased by 0.1% between November 2023 and December 2023, compared with a decrease of 0.8% during the same period a year earlier (November and December 2022).

罢丑别听UK Property Transactions Statistics聽showed that in December 2023, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of 拢40,000 or greater was 85,420. This is 17.8% lower than a year ago (December 2022). Between November 2023 and December 2023, UK transactions decreased by 0.8% on a seasonally adjusted basis.

The highest house price increase was in the North West where prices increased by 1.2% in the year to December 2023.

See the聽economic statement.

The UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion.聽As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month鈥檚 set of house price data.

Access the full UK HPI

Background

1.聽聽聽聽We publish the UK House Price Index (HPI) on the second or third Wednesday of each month with Northern Ireland figures updated quarterly. We will publish the January 2024 UK HPI at 9:30am on Wednesday 20 March 2024. See聽calendar of release dates.

2.聽聽聽聽We have made聽some聽changes to improve the accuracy of the UK HPI. We are not publishing average price and percentage change for new builds and existing resold property as done previously because there are not currently enough new build transactions to provide a reliable result. This means that in this month鈥檚 UK HPI reports, new builds and existing resold property聽are reported聽in line with the sales volumes currently available.

3.聽聽聽聽The UK HPI revision period has been extended to 13 months, following a review of the revision policy (see聽calculating the UK HPI聽section 4.4). This ensures the data used is more comprehensive.

4.聽聽聽聽Sales volume data is available by property status (new build and existing property) and funding status (cash and mortgage) in our聽downloadable data tables. Transactions that require us to create a new register, such as new builds, are more complex and require more time to process. Read聽revisions to the UK HPI data.

5.聽聽聽聽Revision tables are available for England and Wales within the downloadable data in CSV format. See聽about the UK HPI聽for more information.

6.聽聽聽聽HM Land Registry, Registers of Scotland, Land & Property 天美影院/Northern Ireland Statistics and Research Agency and the Valuation Office Agency supply data for the UK HPI.

7.聽聽聽聽The Office for National Statistics (ONS) and聽Land & Property 天美影院/Northern Ireland Statistics and Research Agency calculate the UK HPI. It applies a hedonic regression model that uses the various sources of data on property price,听including HM聽Land Registry鈥檚 Price Paid Dataset, and attributes to produce estimates of the change in house prices each month. Find out more about the methodology used聽from the聽听补苍诲听.

8.聽聽聽聽We take the聽UK Property Transaction statistics聽 from the HM Revenue and Customs (HMRC) monthly estimates of the number of residential and non-residential property transactions in the UK and its constituent countries. The number of property transactions in the UK is highly seasonal, with more activity in the summer months and less in the winter. This regular annual pattern can sometimes mask the underlying movements and trends in the data series. HMRC presents the UK aggregate transaction figures on a seasonally adjusted basis. We聽make adjustments聽for both the time of year and the construction of the calendar, including corrections for the position of Easter and the number of trading days in a聽particular month.

9.聽聽聽聽UK HPI seasonally adjusted series聽are calculated聽at regional and national levels only. See聽data tables.

10.聽聽The first estimate for new build average price (April 2016 report) was based on a small sample which can cause volatility. A three-month moving average has聽been applied聽to the latest estimate to remove some of this volatility.

11.聽聽The UK HPI reflects the final transaction price for sales of residential property. Using the geometric mean, it covers purchases at market value for owner-occupation and buy-to-let, excluding those purchases not at market value (such as re-mortgages), where the 鈥榩rice鈥� represents a valuation.

12.聽聽HM Land Registry provides information on residential property transactions for England and Wales, collected as part of the official registration process for properties that聽are sold聽for full market value.

13.聽聽The HM Land Registry dataset contains the sale price of the property, the date when the sale was completed, full address details, the type of property (detached, semi-detached, terraced or flat), if it is a newly built property or an established residential building and a variable to indicate if the property has been purchased as a financed transaction (using a mortgage) or as a non-financed transaction (cash purchase).

14.聽聽Repossession sales data is based on the number of transactions lodged with HM Land Registry by lenders exercising their power of sale.

15.聽聽For England, we show repossession sales volume recorded by government office region. For Wales, we provide repossession sales volume for the number of repossession sales.

16.聽聽Repossession sales data is available from April 2016 in CSV format. Find out more information about聽repossession sales.

17.聽聽We publish CSV files of the raw and cleansed aggregated data every month for England,听Scotland聽and Wales. We publish Northern Ireland data on a quarterly basis. They are available for free use and re-use under the Open Government Licence.

18.聽聽HM Land Registry鈥檚 purpose is to guarantee and protect property rights in England and Wales.

19.聽聽HM Land Registry is a government department created in 1862. Its vision is 鈥淎 world-leading property market as part of a thriving economy and a sustainable future.鈥�

20.聽聽HM Land Registry safeguards land and property ownership valued at 拢8 trillion, enabling over 拢1 trillion worth of personal and commercial lending to聽be secured聽against property across England and Wales. The Land Register contains more than聽26聽million titles showing evidence of ownership for more than 88% of the land mass of England and Wales.

21.聽聽For further information about HM Land Registry visit聽.

22.聽聽Follow us on聽, our聽,听听补苍诲听.