It’s time to take a look at the UK House Price Index for January 2023, which was published by HM Land Registry on Wednesday 22nd March.
The data shows that on average, house prices across the UK have fallen by 1.1% since December 2022, but have risen by 6.3% compared to the same time last year. This means that the average property in the UK is now valued at £289,818.
In England, the January data shows that house prices have fallen by 1.2% since December 2022, but have risen by 6.9% compared to the same time last year. This takes the average property value to £310,159. The North East experienced the greatest annual price rise, up by 10.0%, while London saw the lowest annual price growth, with an increase of 3.2%.
It’s clear that the UK housing market is still experiencing a period of flux, with some areas seeing greater price rises than others. It will be interesting to see how the market develops over the coming months and whether house prices will continue to rise or fall.
For those that are looking to sell and buy your properties, we suggest it’s a good idea to do your research and speak to a local estate agent to get a better understanding of the market in your area.