June index shows steady growth in UK house prices

August 26, 2023 by Brendan O'Neill

House Prices

The latest figures to be published by the Land Registry and the Office for National Statistics (ONS) show that there was steady growth the average price of a home across the UK during June.

Based on the House Price Index for that month published by these two organisations, the 12-month period up to the end of June 2023 saw the average price rise by 1.7% By contrast, the price rise for the 12 months up to the end of the previous month was 1.8%, indicating that price growth is slowing down but remaining relatively steady.

The latest rise took the average price of a home in the UK during June to £288,000. This figure is higher by £5,000 than that of the same period in 2022. However, compared with the most recent peak month for prices, which was November last year, it is £5,000 lower.

The 12-month period that this new House Price Index covers saw a growth in average property prices across most countries in the UK. There was 2.7% growth in Northern Ireland, 1.9% for England and 0.6% for Wales. Scotland was the only part of the country where the prices stayed more or less the same.

In regional terms, it was the North East that had the greatest price growth, at 4.7%. London was the region where growth was most sluggish, at negative 0.6%.

Mortgage advisors with CeMAP training will be reassured that this indicates continued strong property demand, even though people across the country are facing rising living costs.