Weekly Economic and Construction Update – 24 March 2023
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The average UK house price in January 2023 was £289,818 according to the ONS/Land Registry, which is 1.1% lower than in December and 6.3% (£17,079) higher than a year ago, down from 9.3% annual house price growth in December. On a monthly basis, house prices have fallen for two consecutive months.
The fastest annual house price growth across the UK (Lower Chart) was in the North East (10.0%) and the West Midlands (9.9%) whilst the slowest annual house price growth remained in London (3.2%) and in Scotland (1.0%). On a monthly basis, however, house prices fell in all regions and nations except the North East (0.6%) and West Midlands (0.2%).
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