Britons looking to buy a house may be in luck, as prices are down in the UK.
The UK House Price Index: December 2023, published by the Office for National Statistics, found that the average UK house price was £285,000 in December 2023.
This was £4,000 lower than the figure 12 months prior, in December 2022. However, house prices in Scotland and Northern Ireland have increased.
As of December 2023, the average UK house price was £285,000 as a provisional estimate.
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New data suggests good news for buyers – but not in all parts of the country
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In December 2022, the average price for a house in the UK was £288,744.
According to the ONS, UK house price annual inflation has been generally slowing since July 2022, when annual inflation was 13.8 per cent.
But despite this overall decrease, Britons looking to buy must be mindful of emerging trends in house prices across the UK, as some areas have seen a price increase.
Over the 12 months to December 2023, the average house price in England decreased to £302,000 (negative 2.1 per cent).
In Wales, the average house price decreased to £214,000 (negative 2.5 per cent).
But while house prices were down in England and Wales, the same cannot be said for homes in Scotland and Northern Ireland.
In Scotland, the average house price increased to £190,000 (3.3 per cent).
In Northern Ireland, the average house price increased by 1.4 per cent to £178,000 in the year to Quarter Four (Oct to Dec) 2023.
In the last 12 months to December 2023, the average house price increased in Scotland by 3.3 per cent
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Nevertheless, the average price of houses in England is substantially higher than houses in Wales, Scotland and Northern Ireland.
In England, the North West and West Midlands saw an annual price increase. However, the North East, East Midlands, Yorkshire and The Humber, South West, East, South East, and London saw a decrease.
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