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The March data shows:

• on average, house prices have fallen by 1.2% since February 2023
• there has been an annual price rise of 4.1% which makes the average property in the UK valued at 拢285,009

England

In England, the March data shows that, on average, house prices have fallen 1.5% since February 2023.The annual price rise of 4.1% takes the average property value to 拢304,193.

The regional data for England indicates that:

• No region saw a monthly price rise. The South East experienced the smallest monthly fall with a movement of -0.4%
• the West Midlands saw the most significant monthly price fall, with a movement of 鈥�4.0%
• the South West experienced the greatest annual price rise, up by 5.4%
• London saw the lowest annual price growth, with an increase of 1.5%

Price change by region for England

Region	Average price March 2023	Annual change % since March 2022	Monthly change % since February 2023
East Midlands	拢246,092	4.9	-1.2
East of England	拢351,898	3.9	-2.0
London	拢523,325	1.5	-1.7
North East	拢156,912	4.0	-1.6
North West	拢211,759	5.2	-1.3
South East	拢394,543	4.6	-0.4
South West	拢326,035	5.4	-0.6
West Midlands	拢245,132	3.4	-4.0
Yorkshire and the Humber	拢203,635	4.1	-2.1

Repossession sales by volume for England

The lowest number of repossession sales in January 2023 was in the South West.

The highest number of repossession sales in January 2023 was in the South East.

Repossession sales	January 2023
East Midlands	4
East of England	6
London	12
North East	12
North West	13
South East	14
South West	1
West Midlands	7
Yorkshire and the Humber	10
England	79

Average price by property type for England

Property type	March 2023	March 2022	Difference %
Detached	拢483,994	拢459,987	5.2
Semi-detached	拢292,617	拢279,591	4.7
Terraced	拢244,965	拢237,899	3.0
Flat/maisonette	拢249,779	拢241,496	3.4
All	拢304,193	拢292,146	4.1

Funding and buyer status for England

Transaction type	Average price March 2023	Annual price change % since March 2022	Monthly price change % since February 2023
Cash	拢284,384	3.9	-1.5
Mortgage	拢314,028	4.2	-1.5
First-time buyer	拢251,841	3.9	-1.6
Former owner occupier	拢349,656	4.3	-1.4

Building status for England

Building status	Average price January 2023	Annual price change % since January 2022	Monthly price change % since December 2022
New build	拢418,519	12.3	-1.2
Existing resold property	拢302,283	6.3	-0.8

London

London shows, on average, house prices have fallen 1.7% since February 2023. An annual price rise of 1.5% takes the average property value to 拢523,325.

Average price by property type for London

Property type	March 2023	March 2022	Difference %
Detached	拢1,077,639	拢1,059,572	1.7
Semi-detached	拢684,589	拢666,861	2.7
Terraced	拢565,247	拢561,293	0.7
Flat/maisonette	拢435,808	拢429,475	1.5
All	拢523,325	拢515,591	1.5

Funding and buyer status for London

Transaction type	Average price March 2023	Annual price change % since March 2022	Monthly price change % since February 2023
Cash	拢538,412	0.3	-1.6
Mortgage	拢517,818	1.8	-1.7
First-time buyer	拢451,730	1.6	-1.5
Former owner occupier	拢600,811	1.2	-1.8

Building status for London

Building status	Average price January 2023	Annual price change % since January 2022	Monthly price change % since December 2022
New build	拢582,075	8.9	-1.5
Existing resold property	拢533,705	3.3	0.0

Wales

Wales shows, on average, house prices have fallen by 0.6% since February 2023. An annual price rise of 4.8% takes the average property value to 拢214,174.

There was 1 repossession sale for Wales in January 2023.

Average price by property type for Wales

Property type	March 2023	March 2022	Difference %
Detached	拢331,364	拢314,626	5.3
Semi-detached	拢209,424	拢197,942	5.8
Terraced	拢164,845	拢158,656	3.9
Flat/maisonette	拢135,001	拢130,183	3.7
All	拢214,174	拢204,321	4.8

Funding and buyer status for Wales

Transaction type	Average price March 2023	Annual price change % since March 2022	Monthly price change % since February 2023
Cash	拢206,353	4.2	-0.4
Mortgage	拢218,650	5.1	-0.7
First-time buyer	拢183,813	4.7	-0.6
Former owner occupier	拢250,140	5.0	-0.5

Building status for Wales

Building status	Average price January 2023	Annual price change % since January 2022	Monthly price change % since December 2022
New build	拢315,748	11	-3.5
Existing resold property	拢211,201	5.4	-2.5

UK house prices

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 拢285,000 in March 2023, which is 拢11,000 higher than 12 months ago, but 拢8,000 below the recent peak in November 2022. Average house prices increased over the 12 months to 拢304,000 (4.1%) in England, to 拢214,000 in Wales (4.8%), to 拢185,000 in Scotland (3.0%) and to 拢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.

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 拢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.

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.

See the economic statement.

The UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion. 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. 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 April 2023 UK HPI at 9:30am on Wednesday 21 June 2023. See calendar of release dates.

2. We have made some 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 are reported in line with the sales volumes currently available.

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

4. Sales volume data is available by property status (new build and existing property) and funding status (cash and mortgage) in our 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 revisions to the UK HPI data.

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

6. 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. The Office for National Statistics (ONS) and 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, including HM 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 from the and .

8. We take the UK Property Transaction statistics 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 make adjustments 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 aparticular month.

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

10. 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 been applied to the latest estimate to remove some of this volatility.

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

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

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

17. We publish CSV files of the raw and cleansed aggregated data every month for England, Scotland 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. HM Land Registry鈥檚 purpose is to guarantee and protect property rights in England and Wales.

19. 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. 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 be secured against property across England and Wales. The Land Register contains more than 26 million titles showing evidence of ownership for more than 88% of the land mass of England and Wales

21. For further information about HM Land Registry visit .

22. Follow us on , our , and .

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