UK house prices increased by 6.3% in 2022. Did yours?

Do you know what your property is worth today? Read on to find out more.

In 2022, average house prices increased by £17,000*. According to the Office for National Statistics, from January 2022 to January 2023, prices increased by 10.2%, in England by 6.9%, in Wales by 5.8% and in Scotland by 1.0%.

Additionally, the average number of prospective buyers has increased by 141%** since December, a positive sign for all sellers, and the continuous demand for rental properties throughout the UK remains steady, which is a great sign for landlords and buy-to-let investors**.
 

How have prices changed according to property types?

When comparing January 2022 to January 2023, semi-detached homes had the highest increase in average monthly property price, with a difference of 7.5%***. The table below compares the average monthly price by property type:

Average monthly price by property type

Source: gov.uk

Where have prices increased the most across the UK?

Northern Ireland is steaming ahead – annual house price inflation here was up by 10.2%, equating to an average property price of £175,000*. Out of all the English regions, the North East had the highest annual percentage change, reaching 10.0% in the 12 months to January 2023, closely followed by the West Midlands with a change of 9.9%*.

Where have house prices increased the least?

Over the last year, London has been the exception to the many of the record highs and remains the area with the lowest annual percentage change with 3.2%*. However, the average property price in London currently lies at £680,806^, so it really remains one of the most expensive places to purchase property in the UK.

Is now a good time to invest in property?

Investing in property remains a good investment opportunity as, year-on-year, the money you put in bricks and mortar is gaining in value. And, for landlords and those thinking of investing in buy-to-let, rents remain on the rise and the stream of multiple tenant applications per property remains continuous. Demand in the rental market is 51% above the 5-year average, with average rents for new-lets having increased by 11.1% over the last year, according to Zoopla^^.

Want to kick start your property journey? It starts with a valuation.