With data from the Land Registry for March 2023 now available, it's the perfect opportunity to analyse property market trends in England and Wales. In this post, we'll dive into the prices and changes in the last two months, examine regional performance, and highlight the best performing towns. We'll also look at house type performance and track price drops from their highest values in the last 12 months.
Headline Figures: Overall House Prices
Between February and March 2023, the average house price in England and Wales decreased slightly from £264,298 to £263,312. This marginal dip, while notable, is not enough to indicate a significant trend shift but rather points to a possible stabilisation in the property market.
England and Wales Average Data:
- All Houses: February 2023: £264,298 to March 2023: £263,312 (-0.37%)
- Detached: February 2023: £449,010 to March 2023: £456,175 (+1.59%)
- Semis: February 2023: £265,346 to March 2023: £264,904 (-0.17%)
- Terraced: February 2023: £213,464 to March 2023: £205,102 (-3.92%)
- Flat: February 2023: £216,175 to March 2023: £216,900 (+0.34%)
Regional Performance: A Look at the North-South Split
When we look at the regional performance, the data indicates a disparity between the North and the South of England, with the latter showing stronger resilience in property prices. The South East region, for instance, experienced an increase in average house prices from February to March 2023, bucking the overall trend of slight price decreases in other regions.
Region Performance
- South East: February 2023: £366,913 to March 2023: £375,064 (+2.22%)
- London: February 2023: £539,014 to March 2023: £540,394 (+0.26%)
- South West: February 2023: £304,515 to March 2023: £315,073 (+3.46%)
- East of England: February 2023: £330,371 to March 2023: £326,356 (-1.22%)
- West Midlands: February 2023: £229,511 to March 2023: £218,280 (-4.89%)
- East Midlands: February 2023: £220,375 to March 2023: £213,820 (-2.97%)
- Yorkshire and The Humber: February 2023: £181,404 to March 2023: £177,714 (-2.03%)
- North West: February 2023: £186,310 to March 2023: £180,846 (-2.93%)
- Wales: February 2023: £194,300 to March 2023: £183,924 (-5.34%)
- North East: February 2023: £138,546 to March 2023: £128,239 (-7.44%)
Spotlight on Top Performing Towns
Shifting our gaze from regions to individual towns and cities, Guildford stands out as the top-performing town in March 2023, with an impressive 11.54% increase in average house prices.
Top Performing Towns (Best to Worst):
- Guildford: February 2023: £518,526 to March 2023: £578,450 (+11.54%)
- Sevenoaks: February 2023: £595,136 to March 2023: £636,437 (+6.93%)
- Cheltenham: February 2023: £327,104 to March 2023: £345,257 (+5.56%)
- Salford: February 2023: £194,703 to March 2023: £204,763 (+5.16%)
- Rochdale: February 2023: £166,628 to March 2023: £174,545 (+4.75%)
- Harrogate: February 2023: £328,713 to March 2023: £343,225 (+4.41%)
- Truro: February 2023: £358,554 to March 2023: £373,535 (+4.18%)
- Torquay: February 2023: £235,445 to March 2023: £245,126 (+4.11%)
- Swindon: February 2023: £259,877 to March 2023: £270,171 (+3.96%)
- Wirral: February 2023: £240,845 to March 2023: £250,187 (+3.88%)
House Type Performance: Winners and Losers
When we break down the figures by house type, detached houses are performing the best, with a 1.59% increase from February to March 2023. On the flip side, terraced houses have seen the most significant decrease in prices during the same period, at -3.92%.
House Type Performance (Best to Worst):
- Detached: February 2023: £449,010 to March 2023: £456,175 (+1.59%)
- Flat: February 2023: £216,175 to March 2023: £216,900 (+0.34%)
- Semis: February 2023: £265,346 to March 2023: £264,904 (-0.17%)
- All Houses: February 2023: £264,298 to March 2023: £263,312 (-0.37%)
- Terraced: February 2023: £213,464 to March 2023: £205,102 (-3.92%)
Comparing Drops from Highest Values
Looking at the drops from the highest values in the last 12 months to March 2023, all house types have experienced a slight decrease. Terraced houses have seen the largest fall, at -10.78%, while detached houses have fared the best, with a decrease of -3.71%.
Drops from Highest Values (Best to Worst):
- Detached: October 2022: £469,618 to March 2023: £456,175 (-2.86%)
- Flat: October 2022: £235,640 to March 2023: £216,900 (-7.96%)
- Semis: September 2022: £284,645 to March 2023: £264,904 (-6.93%)
- All Houses: October 2022: £286,761 to March 2023: £263,312 (-8.17%)
- Terraced: October 2022: £229,399 to March 2023: £205,102 (-10.59%)
This analysis provides a detailed snapshot of the property market in England and Wales as of March 2023. While we've seen some decreases in house prices across various regions and house types, there are still pockets of growth, particularly in the South East region and among detached houses.
Towns such as Guildford and Sevenoaks have demonstrated strong performance, highlighting the location-specific nature of property trends.
In summary, while the market has shown some volatility, it's clear that there are still opportunities for savvy investors and homeowners. As always, understanding the data is key to making informed decisions. We will continue to keep an eye on these trends and provide updates as new data emerges.
Remember, whether you're looking to invest in property or secure a home for your family, Pinerock Finance is here to guide you through the ever-changing landscape of the property market. Let's navigate this journey together.