Property Market Trends in England and Wales: February 2023 Update

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Dive into the latest property market trends in England and Wales, exploring monthly changes and yearly fluctuations in property prices for different house types across 10 regions.

In the last two months (January to February 2023), the property market in England and Wales has experienced a significant decline in house prices. The average house price dropped from £275,498 in January to £266,194 in February. This decline was seen across all house types, with detached houses experiencing the largest price drop from £465,017 to £454,769.

Property Type Prices in England and Wales January to February 2023:

  • Detached properties decreased from £465,017 to £454,769 (-2.2%)
  • Semi-detached homes decreased from £272,743 to £264,873 (-2.9%)
  • Terraced properties decreased from £219,007 to £211,023 (-3.6%)
  • Flats declined from £230,087 to £217,305 (-5.6%)

Yearly Trends and Fluctuations:

From February 2022 to February 2023, the property market saw a general increase in average house prices, with a peak in September 2022 (£290,309) followed by a gradual decline. The detached and semi-detached house types experienced the most significant increase, with prices peaking in September 2022 before declining in the following months.

Regional Breakdown:

In conclusion, the property market in England and Wales has experienced notable fluctuations from February 2022 to February 2023. Although a general increase in house prices was observed during this period, a decline in prices and total sales count was evident in the last two months. This analysis highlights the importance of staying informed about the property market trends for potential buyers and sellers.

David Rocks BEng(Hons) CeMAP

David Rocks is the founder of Pinerock Finance and holds a Certificate in Mortgage Advice and Practice.