Land Registry sold house prices data suggests a sharp decline in the average house prices across England and Wales. Utilizing information from HM Land Registry for Q3 2023 and Q3 2022, I’ve mapped the average house prices using publicly accessible sold data on the Land Registry website. It’s important to note that there’s a 6-9 month lag for completions to be reflected in the Land Registry data, providing an incomplete yet indicative view of year-on-year house price changes.
The sold house prices data, encompassing total sales, overall averages, and percentage change in sales across various regions. This offers a preliminary insight into the housing market landscape. In mapping the September 2023 house price falls, the aggregated total sales for all regions reach 5,427, with an overall average decrease of -£48,199.00 and a percentage change of -12%. Analyzing the average house price change by local authority reveals a consistent trend of falling house prices across England and Wales. You can also find out where prices are falling most regionally.
Disclaimer: This is not financial advice and you are responsible for your own financial decisions. I am not a mortgage broker or advisor and I don’t give financial advice! Please consult professional advice before making any kind of mortgage decision.
September 2023 UK House Prices Map
The total sales for all regions combined amount to 5,427, with an overall average of -£48,199.00 and a percentage change of -12%. Some regions stand out with notable figures. For instance, Kensington and Chelsea show a substantial negative overall average of -£1,372,105.00, representing a significant decrease of 55%. Additionally, the City of Westminster reports a remarkable negative overall average of -£732,044.00, reflecting a 43% decline.
Through mapping the average house price change by local authority, we can see a clear house price trend. Which is that house prices are falling across England and Wales. However, it’s important to consider potential outliers, as extreme variations may be influenced by low sample sizes; for example, Kensington and Chelsea, with only 12 recorded September 2023 sales to date.
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This heat map of house prices in England and Wales also shows us where house prices are the greatest. As you can see house prices in London and the South East have experienced higher average house price falls in September. You can also see this is the case for parts of the South West.
Q3 House Prices Map: Average House Price % Change For July, August, And September
The Q3 sold prices data also reveals significant negative trends in various locations. Whilst the falls appears more modest across the three months, it’s clear that house prices are falling across England and Wales. House prices in London and the South East have experienced heavy falls.
Notable areas experiencing substantial declines include Kensington and Chelsea, with an alarming average of -£810,162.00 (-29%), Cumberland with -£46,332.00 (-21%), and Isles of Scilly with an astonishing -£131,000.00 (-25%). Additionally, several regions, such as Newham, Tower Hamlets, and Waltham Forest, exhibit declines of -£80,742.00 (-7%), -£85,236.00 (-13%), and -£40,981.00 (-7%), respectively.
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Overall, the total sales for all locations sum up to 72,521, with an overall average decrease of -£14,444.00 (-4%). These negative falls underscore economic challenges and disparities across the cited locations. There are some noteworthy findings are areas such as Brentwood and Westminster, which exhibit positive averages of £100,113.00 (18%) and £135,151.00 (8%), respectively. This may be where extreme values have fed through or there is still a time lag effect in the data.
Through mapping the average house price change, we can clearly see a picture of house price falls across the United Kingdom housing market.
Conclusion: UK House Prices Fall Across England And Wales
In conclusion, the land registry house prices sold data reveals a general decline in house prices. This is both in the last month and over the third quarter of 2023. This fall deepen when we review September 2023 vs last year. This mapping emphasizes the dynamic and nuanced nature of the real estate market in the UK. With specific markets, areas, and property types exhibiting individual trends.
The variations across different locations underscore the importance of delving into the details of one’s own local area to fully understand the unique dynamics at play. As the real estate landscape continues to evolve, prospective buyers and sellers should closely monitor and analyze the specifics of their local markets. This will help you to make informed decisions in response to the distinct factors influencing property values.
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