UK house price index summary: May 2023

1. Main statistics for May 2023

Estimates for the most recent months are preliminary and will likely be updated as more data is included in the index. Read revisions to the UK HPI data.

2. Economic statement

The annual percentage change in average house prices in the UK was 1.9% in the 12 months to May 2023, compared to 3.2% in the 12 months to April 2023.

The average house price in the UK was 286,000 in May 2023, which is 6,000 higher than 12 months ago, but 7,000 below its recent peak in September 2022. Average house prices increased over the 12 months to 304,000 (1.7%) in England, to 213,000 in Wales (1.8%), to 193,000 in Scotland (3.2%) and up to 17 2,000 in Northern Ireland (5.0%).

Unseasonally adjusted, average house prices in the UK have changed little between April 2023 and May 2023, while average UK house prices increased by 1.3% over the same period 12 months ago.

Annual house price inflation was highest in the North East, where prices rose by 4.0% in the 12 months to May 2023. The East of England was the English region with the lowest annual growth rate, where prices changed little in the 12 months to May 2023.

The Royal Institution of Chartered Surveyors (RICS) May 2023 UK housing market survey reported that more respondents have seen a decrease in buyer inquiries than an increase in buyer inquiries. While this is still indicative of a subdued trend in buyer demand, last month’s readings showed a higher proportion of respondents reported a decline in buyer inquiries last month, and last month’s report represents the least negative return of the past year. At a regional level, virtually all parts of the UK showed a less negative assessment for inquiries from new buyers compared to the start of the year.

The Bank of Englands Agents Summary of Business Terms 2023 Q2 reported weaker demand and greater supply than a year ago, bringing supply and demand closer together. This led to more stable prices compared to recent months.

The UK Property Transactions Statistics showed that in May 2023, on a seasonally adjusted basis, the estimated number of transactions of properties valued at 40,000 or more was 80,020. This is 27.0% lower than 12 months ago (May 2022). Between April 2023 and May 2023, transactions in the UK fell by 2.7% on a seasonally adjusted basis.

The Bank of England money and credit May 2023 release reported that mortgage approvals for home purchases, an indicator of future borrowing, rose to 50,500 in May 2023, from 49,000 in April 2023.

3. Price changes

3.1 Annual price change

Annual price change for UK by country over the last 5 years

Average house prices in the UK rose by 1.9% in the 12 months to May 2023, up from 3.2% in April 2023.

At a country level, the highest percentage change in house prices in the 12 months to May 2023 was recorded in Scotland, where house prices rose by 3.2%.

England saw house prices rise by 1.7% in the 12 months to May 2023.

Wales saw house prices rise by 1.8% in the 12 months to May 2023.

Northern Ireland saw house prices rise by 5.0% over the 12 months to Q1 (January to March) 2023.

3.2 Average price by country and region of the government office

Price, monthly change and yearly change by country and government office region

Price changes by country and region of government offices

On a non-seasonally adjusted basis, average house prices in the UK have changed little between April 2023 and May 2023. This was down from a 1.3% increase in the same period 12 months ago (April 2022 and May 2022). On a seasonally adjusted basis, average house prices in the UK fell by 0.4% between April 2023 and May 2023.

3.3 Average price per property type

Average monthly price per type of home

4. Sales volumes

The amount of time between the sale of a property and the recording of this information varies. It usually varies between 2 weeks and 2 months, but can be longer. Volume figures from the most recent 2 months are not yet at a reliable level for reporting, therefore they are not included in the report. Published trades for the past few months will increase as later recorded trades are included in the index.

Sales volume data is also available by property status (new construction and existing property) and financing status (cash and mortgage) in our downloadable data tables. Transactions involving the creation of a new register, such as new construction, are more complex and take longer to process. Read UK HPI Data Revisions for more information.

4.1 Sales volumes

Number of sales volumes by country

Comparison of the preliminary volume estimate for the current month with the revised volume estimate for the corresponding month in the previous year

Comparing the preliminary UK HPI volume estimate for March 2022 to the preliminary UK HPI volume estimate for March 2023, volume transactions fell by 10.9% in England, by 0.6% in Scotland and by 8.0% in Wales. UK HPI volume transactions in Northern Ireland were down 21.3% in the year to Q1 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 March 2023, on a non-seasonally adjusted basis, HMRC volume transactions fell by 14.4% in England, by 15.6% in Wales, by 0.5% in Scotland and by 11.9% in Northern Ireland.

4.2 Sales volumes for the UK over the last 5 years

Sales volumes for 2019 to 2023 by country: March

Comparing the preliminary UK HPI volume estimate for March 2022 to the preliminary UK HPI volume estimate for March 2023, UK volume transactions decreased by 9.6%.

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 fell by 13.4% in the 12 months to March 2023.

5. Ownership status for UK

Transactions involving the creation of a new register, such as new construction, are more complex and take longer to process. As a result, it may take longer for them to appear in the land registers. The volume of new construction transactions for the most recent 2 months is not at a reliable level for reporting the breakdown between new construction and existing resale properties, so they are not included in the report.

New construction and existing property resold

6. Buyer status for Great Britain

First buyer and former resident

For Great Britain only, data for Northern Ireland is not available for buyer status.

7. Financing status for Great Britain

Cash and mortgage

For Great Britain only, no funding status data is available for Northern Ireland.

8. Access to the data

Download the data as CSV files or open them with our UK HPI tool.

Data revisions

View any revisions to previously published data in the data downloads or learn more about revisions in our About UK HPI guidance.

9. 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. Learn more 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 tax office.

Read more about the UK House Price Index.