House prices April 2023: are prices falling near me? Check the local property market with our interactive tool
ONS figures show house prices are up 17.2% in a year in one area of England, while in parts of London, Scotland and Wales prices have plummeted by as much as 15.8%.
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With major question marks over the health of the UK economy, all eyes remain on the UK housing market - a key barometer of the nation’s economic health.
According to the latest figures released today (30 June), average house prices rose slightly in April and remain close to an all-time high recorded in September, the Office for National Statistics (ONS) figures show. The ONS had previously said November prices were a record-high but figures for September have since been revised upwards. Prices have fallen by £6,500 since then.
The average rate of annual house price growth has slid back however from 4.1% in March to 3.5% in April. Many experts, including lenders and estate agencies, have been predicting a house price slowdown in 2023. But recent analyses from Rightmove and Zoopla have shown moderate monthly growth in house prices, which suggest the housing market is merely returning to where it was before the Covid pandemic – although Zoopla has warned recent mortgage market turmoil could turn price rises into falls.
The Housing market continues to be impacted by the financial turmoil caused by the Liz Truss mini budget in September 2022. With her inflationary policies forcing the Bank of England to accelerate its interest rate hikes, mortgage rates soared to highs not seen in more than a decade at the same time as the UK household budgets were being squeezed considerably by the broader cost of living crisis. Mortgage costs were easing over the first few months of 2023 but have begun to soar again after worse-than expected inflation in the UK economy led markets to price in further Bank of England interest rate hikes.
Every month, the ONS publishes an analysis of UK house prices. It tends to lag two months behind the ones produced by Halifax, Nationwide, Rightmove and Zoopla, but offers a more comprehensive view of what was happening in the housing market at a given moment in time (we have also rounded up all you need to know about how each house price index compares). The ONS data – which comes from HM Land Registry – includes all house sales, and measures price paid rather than mortgage payouts or asking prices.
So, what did this index show was happening in April 2023 (the latest month for which we have data) - and what’s been happening to house prices in your area?
Below NationalWorld has prepared three interactive charts showing you how prices have changed in each local authority area.
- The first allows you to see a breakdown of how property values have shifted over the past year.
- The second graph gives you an area-by-area picture of average prices for homes going back to 2003.
- And the third shows typical values for different types of housing in your area stretching back to 2020.
Which areas have seen house prices rise - and fall - by the most?
According to the ONS, the average UK house price was £286,500 in April 2023 - 0.5% (£9,600) higher than in the same month in 2022, but £6,500 below the £293,000 all-time high recorded in September.
But the overall figures mask a widely varied picture at a local level. Some council areas recorded double-digit hikes to average property values year-on-year, while others saw values decline.
Homes in East Lothian saw average prices soar 17.2% (£49,000) in the 12 months to April 2023. At the same time, some London boroughs saw big reversals, including City of Westminster (-13.3%) and Kensington and Chelsea (-15.8%). But prices in these areas still remain well above the UK average.
Parts of Wales and Scotland also saw big decreases – prices in Na h-Eileanan Siar were down 7.4%, in Aberdeen down 7% and the Isle of Anglesey down 3.1%.
You can search for your local authority area in the table below to find out how prices have fared in your area over the last month and year. Can’t see the table? You can view it on the Flourish website here.
How have house prices changed where you live since 2003?
Property prices have generally been on the rise over the last two decades. But these growth arcs have varied depending on where the local authority is located in the UK.
And while some areas have never recovered from the 2008 financial crash, others have seen property prices boom.
In Derry City and Strabane - the cheapest area on average in Northern Ireland in which to buy a home - average property values almost doubled from £95,000 to £180,500 between January 2005 and September 2007. But they then fell 54% over the next five years to a low of £82,700, and have only recovered to £148,500 in the years since.
But in Cambridge, which is one of the most expensive areas outside of London and the South East, average house prices reached a pre-crash peak of £283,200 in December 2007. After a £59,000 drop to a low of £224,500 in March 2009, the years since the last recession have seen prices soar 119% to £490,800.
The chart below will show you how property prices have changed over the last 20 years in your area. Can’t see the graph? You can view the chart on the Flourish website here.
How are prices holding up for different types of property?
There are major differences between how much certain types of property cost in different parts of the country. A typical first-time buyer’s (FTBs) home in Kensington and Chelsea (the most expensive local authority area for FTBs) is more than 11-times the average FTB property in North Ayrshire (the cheapest) at £1.01 million compared to £96,400.
Indeed, Scotland is likely to be the happiest hunting ground for first-timers, with 10 out of the 20 cheapest FTB local authority areas found north of the border. But say these first-time buyers wish to upsize to a semi-detached, they are more likely to find joy in the North West or East of England, where 10 of the 20 cheapest local authority areas are found.
The chart below shows prices for different types of property in your area over the last five years. Can’t see the chart? You can view the graph on the Flourish website here.