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:
- North East: £144,271 to £142,015 (-1.6%)
- North West: North West: £189,830 to £186,188 (-1.9%)
- Yorkshire and The Humber: £188,047 to £185,201 (-1.5%)
- East Midlands: £224,128 to £218,482 (-2.5%)
- West Midlands: £234,553 to £230,382 (-1.8%)
- East of England: £338,377 to £326,341 (-3.6%)
- London: £554,105 to £558,018 (+0.7%)
- South East: £384,515 to £377,910 (-1.7%)
- South West: £310,053 to £307,775 (-0.7%)
- Wales: £196,587 to £191,971 (-2.4%)
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.
- London February 2023 House Prices Report
- South West February 2023 House Prices Report
- South East February 2023 House Prices Report
- East of England February 2023 House Prices Report
- West Midlands February 2023 House Prices Report Report
- East Midlands February 2023 House Prices Report
- Yorkshire and The Humber February 2023 House Prices Report
- North East February 2023 House Prices Report
- North West February 2023 House Prices Report
- Wales February 2023 House Prices Report