Land Registry has reported that average UK house prices increased by 1.7% in the 12 months to June 2023, down from 1.8% in May 2023.
The average UK house price was £288,000 in June 2023, which is £5,000 higher than 12 months ago, but £5,000 below the recent peak in November 2022.
Average house prices increased over the 12 months to June 2023, to £306,000 in England (1.9%), £213,000 in Wales (0.6%) and £174,000 in Northern Ireland (2.7%), while average Scotland house prices (£189,000) remained little changed (0.0%).
The North East saw the highest annual percentage change of all English regions in the 12 months to June 2023 (4.7%), while London saw the lowest (negative 0.6%).
Malcolm Webb FRICS, technical director at Legal & General Surveying Services, said: “Despite house price growth remaining subdued, there is good cause to remain optimistic about the outlook for the UK property market. It is always important to consider the full context of monthly price movement as a property is a long-term investment. The UK market has a track record of withstanding strong economic headwinds – the fact that swap rates and interest rates have remained relatively stable following the recent base rate rise is testament to this.
“Notwithstanding this, the UK property market is highly complex and different pockets are faring very differently. While equity-rich markets, such as prime central London, are well insulated against rising interest rates, affordability is being stretched for many aspiring homeowners outside of the capital. Buying a home is the biggest single purchase that most people will ever make, so getting a home survey is crucial to making a well-informed decision. Should a surveyor report any defects that could require expensive repairs, buyers can use the report as a renegotiation tool to ensure they are getting a fair asking price. A survey can also prevent an expensive problem, like damp, rearing its head later down the line.”