Average UK house prices increased by 0.2% to £291,000 in the 12 months to August 2023, according to ONS figures
The average UK house price was £9,000 above the low points observed in February and March 2023.
In England, prices remained static in the 12 months to August 2023 at £310,000 (0.0%).
Wales saw a decrease of 0.1% to £217,000, whereas Scotland increased by 1.1% to £194,000.
Northern Ireland’s data is updated quarterly, with the next posting due on 15 November.
Average NI house prices increased by 2.7% to £174,000 in the year to Quarter 2 (Apr to June) 2023.
The North East saw the highest annual percentage change of all English regions in the 12 months to August 2023 (3.6%), while the East of England saw the lowest (negative 1.6%).
Growth in UK house prices is subdued but stable
Nick Leeming, chairman of Jackson-Stops, comments: “The continued resilience of the UK housing market should not be underestimated. While house price growth may have subdued – perhaps the expected outcome in response to more challenging lending conditions – the market is taking a ‘Keep Calm and Carry on’ approach to housing.
“Across our national network, we are seeing new instructions rise as committed sellers remain eager to make their move – a level on a par with the same time a year ago. This sentiment is reinforced by the volume of instructions increasing up and down the country, up 72% since January.
“Irrespective of short term uncertainty and economic headwinds, the fundamentals of the property remain the same. Buying a home or taking out a mortgage are some of the most significant and long-term financial decisions a person will make, and while there are always periods that are more favourable financially, changes to lifestyle will inevitably continue to contribute to transactions completing.
Consumers will be comparing housing policies announced at each of the major party conferences
“More broadly, homeowners have been paying close attention to the recent party conferences, hoping to compare the major parties housing policies ahead of the next general election, which could be as soon as next spring.
“Whilst the run up to an election year can breed more uncertainty, we are yet to see this in a big way. If positioned correctly, it is hoped that any new housing policies serve to stimulate markets and broader economic confidence, supporting transactions and housing mobility across the UK.”
