posted 23rd November 2023
Annual house price growth is +4.7% (year to November 2022), having peaked at 12.5% in June this year, which was the strongest rate of annual growth since January 2005.
Average property prices are £46,403 (+19.4%) higher than at the onset of the pandemic (£239,176 in March 2020).
A new record high average property price was set in August 2022 (£293,992).
The typical UK house price has increased by +71% over the last decade (£166,627 in November 2012), a rise of £118,953.
Properties sold to first-time buyers recorded a lower rate of annual house price inflation (+3.6%) than home-movers (+5.3%) over the last year to the end of November.
The North East of England saw the highest rate of annual property price inflation of any UK region or nation in the year to the end of November 2022 at +10.5%.
The South East of England recorded the biggest price increase, up by £28,068 over the last 12 months to the end of November.
London recorded the slowest rate of annual house price growth at +5.2% over the last year to the end of November, but at £549,160 still has by far the most expensive average UK property price. (Data source: Halifax).
