National statistics

UK House Price Index summary: September 2023

Published 15 November 2023

1. Headline statistics for September 2023

The average price of a property in the UK was £291,000

The annual price change for a property in the UK was -0.1%

The monthly price change for a property in the UK was -0.5%

The monthly index figure (January 2015 = 100) for the UK was 152.8

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 October 2023 UK HPI will be published at 9.30am on Wednesday 20 December 2023. See the calendar of release dates for more information.

2. Economic statement

Average UK house price annual inflation was negative 0.1% (provisional estimate) in the 12 months to September 2023, compared with 0.8% (revised estimate) in the 12 months to August 2023.

The average UK house price was £291,000 in September 2023, which was little changed from 12 months ago but above the recent low in March 2023. Average house prices in the 12 months to September 2023 decreased in England to £310,000 (negative 0.5%), decreased in Wales to £215,000 (negative 2.7%) and increased in Scotland to £195,000 (2.5%). The average house price increased in the year to Q3 (Jul to Sep) 2023 to £180,000 in Northern Ireland (2.1%).

On a non-seasonally adjusted basis, average UK house prices decreased by 0.5% between August 2023 and September 2023, compared with an increase of 0.4% during the same period 12 months ago.

Annual house price inflation was highest in the North East where prices increased by 1.6% in the 12 months to September 2023. The South West was the English region with the lowest annual inflation, where prices decreased by 1.6% in the 12 months to September 2023.

The Royal Institution of Chartered Surveyors’ (RICS’) September 2023 UK Residential Market Survey reported a downturn in buyer demand. When viewed at the regional and country level, most parts of the UK continue to see significant pull-back in demand.

The Bank of England’s Agents summary of business conditions 2023 Q3 reported that higher mortgage rates had been the main factor in a further weakening of housing market activity. Demand was lower than supply for the first time in a few years and it is seen as unlikely to pick up until mortgage rates stop rising.

HMRC’s UK Property Transactions Statistics showed that in September 2023, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 85,610. This is 17.0% lower than 12 months ago (September 2022). Between August 2023 and September 2023, UK transactions decreased by 0.6% on a seasonally adjusted basis.

The Bank of England’s Money and Credit September 2023 release reported that mortgage approvals for house purchases, an indicator of future borrowing, decreased to 43,300 in September 2023 from 45,400 in August 2023, the lowest level since January 2023 (39,900).

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 decreased by 0.1% in the 12 months to September 2023, down from 0.8% in August 2023. This was the first negative annual inflation reported for UK since the 12 months to April 2012 when annual inflation was negative 0.2%.

At the country level, the highest annual house price percentage change in the 12 months to September 2023 was recorded in Scotland, where house prices increased by 2.5%.

England average house prices decreased by 0.5% in the 12 months to September 2023. This was the first negative annual inflation reported for England since the 12 months to January 2012 when annual inflation was negative 0.2%.

Wales saw average house prices decrease by 2.7% in the 12 months to September 2023.

Northern Ireland saw average house prices increase by 2.1% over the 12 months to Quarter 3 (July to September) 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	£310,000	-0.5%	-0.5%
Northern Ireland (Quarter 3 - 2023)	£180,000	3.1%	2.1%
Scotland	£195,000	-0.2%	2.5%
Wales	£215,000	-0.9%	-2.7%
East Midlands	£251,000	-0.6%	0.4%
East of England	£353,000	-0.4%	-1.4%
London	£537,000	-0.3%	-1.1%
North East	£163,000	-2.0%	1.6%
North West	£218,000	0.5%	0.6%
South East	£392,000	-0.6%	-1.4%
South West	£329,000	-0.1%	-1.6%
West Midlands Region	£254,000	-0.2%	0.5%
Yorkshire and The Humber	£210,000	-2.4%	0.0%

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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 0.5% between August 2023 and September 2023. This was down from an increase of 0.4% during the same period 12 months ago (August 2022 and September 2022). On a seasonally adjusted basis, average house prices in the UK decreased by 0.5% between August 2023 and September 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	September 2023	September 2022	Difference
Detached	£461,000	£457,000	1.1%
Semi-detached	£282,000	£282,000	-0.1%
Terraced	£237,000	£240,000	-1.3%
Flat or maisonette	£233,000	£233,000	0.1%
All	£291,000	£292,000	-0.1%

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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.

In recent periods, the total transaction volumes available to calculate UK HPI estimates for the latest months have been lower than historically (see UK HPI QMI Section 2.2: Accuracy). This has arisen from a combination of total transaction volumes falling over the past year (HMRC has reported a 19% fall in the 12 months to September 2023) and a reduction in the proportion of transactions from England and Wales, processed by HM Land Registry, in the first estimate. The sample for the latest estimate is about half of usual volumes. The Office for National Statistics and HM Land Registry are working together to resolve this, including seeking a greater balance between processing recently received applications and those that are older to help preserve the quality of UK HPI statistics. In the meantime, users should be aware that revisions may be larger than usual in coming months.

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	July 2023	July 2022
England	39,600	67,617
Northern Ireland	1,841	2,191
Scotland	8,046	9,611
Wales	2,313	3,841

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

Comparing the provisional UK HPI volume estimate for July 2022 with the provisional UK HPI volume estimate for July 2023, volume transactions decreased by 23.6% in England, 13.9% in Scotland and 23.5% in Wales. Northern Ireland’s UK HPI volume transactions decreased by 13.7% in the year to Quarter 3 2023.

UK Property Transaction Statistics published by HM Revenue & Customs (which differ in coverage but are more complete for this period) report that in the 12 months to July 2023, on a non-seasonally adjusted basis, HMRC volume transactions decreased by 23.2% in England, 14.6% in Scotland, 24.7% in Wales and 20.2% in Northern Ireland.

4.2 Sales volumes for the UK over the past 5 years

Sales volumes for 2019 to 2023 by country: July

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

Comparing the provisional UK HPI volume estimate for July 2022 with the provisional UK HPI volume estimate for July 2023, UK volume transactions decreased by 21.9%.

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, HMRC volume transactions for the UK decreased by 22.4% in the 12 months to July 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 July 2023	Monthly change	Annual change
New build	£410,000	1.8%	15.7%
Existing resold property	£282,000	1.1%	-0.3%

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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 September 2023	Monthly change	Annual change
First time buyer	£242,000	-0.4%	-0.3%
Former owner occupier	£341,000	-0.7%	-0.1%

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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 September 2023	Monthly change	Annual change
Cash	£275,000	-0.7%	-0.7%
Mortgage	£304,000	-0.4%	0.0%

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8. Housing transaction distributions

Between April and June 2023, there were 145,957 property sales.

The most popular price range for:

• England was £175,000 to £199,999 – 7,687 properties were purchased
• Scotland was £125,000 to £149,999 – 2,347 properties were purchased
• Wales was £125,000 to £149,999 – 812 properties were purchased
• Northern Ireland was £125,000 to £149,999 – 701 properties were purchased

The charts below show the distribution of housing transactions for Q2 (April to June) 2023 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	19
£25,000 - £49,999	423
£50,000 - £74,999	1855
£75,000 - £99,999	3866
£100,000 - £124,999	5172
£125,000 - £149,999	6574
£150,000 - £174,999	7582
£175,000 - £199,999	7687
£200,000 - £224,999	7220
£225,000 - £249,999	7021
£250,000 - £274,999	6741
£275,000 - £299,999	6147
£300,000 - £324,999	5453
£325,000 - £349,999	4869
£350,000 - £374,999	4456
£375,000 - £399,999	4021
£400,000 - £424,999	3419
£425,000 - £449,999	2934
£450,000 - £474,999	2616
£475,000 - £499,999	2208
£500,000 - £524,999	1963
£525,000 - £549,999	1662
£550,000 - £574,999	1539
£575,000 - £599,999	1362
£600,000 - £624,999	1300
£625,000 - £649,999	1059
£650,000 - £674,999	927
£675,000 - £699,999	816
£700,000 - £724,999	763
£725,000 - £749,999	632
£750,000 - £774,999	676
£775,000 - £799,999	572
£800,000 - £824,999	517
£825,000 - £849,999	438
£850,000 - £874,999	464
£875,000 - £899,999	386
£900,000 - £924,999	361
£925,000 - £949,999	279
£950,000 - £974,999	287
£975,000 - £999,999	235
£1,000,000 - £1,249,999	1429
£1,250,000 - £1,499,999	894
£1,500,000 - £1,749,999	453
£1,750,000 - £1,999,999	301
£2,000,000 - £4,999,999	694
£5,000,000 - £9,999,999	77
greater than £10,000,000	19

Scotland housing transactions

Price band	Housing transactions
less than £25,000	73
£25,000 - £49,999	586
£50,000 - £74,999	1427
£75,000 - £99,999	2187
£100,000 - £124,999	2186
£125,000 - £149,999	2347
£150,000 - £174,999	2133
£175,000 - £199,999	2010
£200,000 - £224,999	1651
£225,000 - £249,999	1619
£250,000 - £274,999	1311
£275,000 - £299,999	1169
£300,000 - £324,999	967
£325,000 - £349,999	791
£350,000 - £374,999	662
£375,000 - £399,999	546
£400,000 - £424,999	405
£425,000 - £449,999	306
£450,000 - £474,999	267
£475,000 - £499,999	239
£500,000 - £524,999	151
£525,000 - £549,999	111
£550,000 - £574,999	109
£575,000 - £599,999	97
£600,000 - £624,999	87
£625,000 - £649,999	65
£650,000 - £674,999	55
£675,000 - £699,999	43
£700,000 - £724,999	44
£725,000 - £749,999	33
£750,000 - £774,999	29
£775,000 - £799,999	20
£800,000 - £824,999	22
£825,000 - £849,999	13
£850,000 - £874,999	19
£875,000 - £899,999	9
£900,000 - £924,999	10
£925,000 - £949,999	8
£950,000 - £974,999	4
£975,000 - £999,999	7
£1,000,000 - £1,249,999	56
£1,250,000 - £1,499,999	17
£1,500,000 - £1,749,999	11
£1,750,000 - £1,999,999	6
£2,000,000 - £4,999,999	8
£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	166
£75,000 - £99,999	361
£100,000 - £124,999	610
£125,000 - £149,999	812
£150,000 - £174,999	811
£175,000 - £199,999	702
£200,000 - £224,999	554
£225,000 - £249,999	485
£250,000 - £274,999	371
£275,000 - £299,999	314
£300,000 - £324,999	241
£325,000 - £349,999	208
£350,000 - £374,999	192
£375,000 - £399,999	156
£400,000 - £424,999	118
£425,000 - £449,999	85
£450,000 - £474,999	59
£475,000 - £499,999	49
£500,000 - £524,999	41
£525,000 - £549,999	30
£550,000 - £574,999	36
£575,000 - £599,999	21
£600,000 - £624,999	22
£625,000 - £649,999	13
£650,000 - £674,999	18
£675,000 - £699,999	10
£700,000 - £724,999	13
£725,000 - £749,999	7
£750,000 - £774,999	3
£775,000 - £799,999	9
£800,000 - £824,999	5
£825,000 - £849,999	2
£850,000 - £874,999	6
£875,000 - £899,999	4
£900,000 - £924,999	4
£925,000 - £949,999	4
£950,000 - £974,999	1
£975,000 - £999,999	1
£1,000,000 - £1,249,999	5
£1,250,000 - £1,499,999	4
£1,500,000 - £1,749,999	0
£1,750,000 - £1,999,999	1
£2,000,000 - £4,999,999	5
£5,000,000 - £9,999,999	0
greater than £10,000,000	0

Northern Ireland housing transactions

less than £25,000	9
£25,000 - £49,999	67
£50,000 - £74,999	322
£75,000 - £99,999	643
£100,000 - £124,999	631
£125,000 - £149,999	701
£150,000 - £174,999	684
£175,000 - £199,999	542
£200,000 - £224,999	336
£225,000 - £249,999	248
£250,000 - £274,999	209
£275,000 - £299,999	163
£300,000 - £324,999	108
£325,000 - £349,999	85
£350,000 - £374,999	62
£375,000 - £399,999	58
£400,000 - £424,999	37
£425,000 - £449,999	25
£450,000 - £474,999	21
£475,000 - £499,999	16
greater than £500,000	99

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