What is happening to the property market? - Lewis & Dick Solicitors

• 13th July 2023
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The housing market is slowing and property prices have fallen from their peak levels – but predictions of a dramatic price fall are yet to materialise. 

The latest official data from the Land Registry shows the average UK house price was £286,489 in April. 

While that marks a 3.5% increase from the same time last year, annual house price growth is now running at a much slower rate than before and prices have decreased from the highs of £292,552 in November 2022.

House prices have risen considerably in the last couple of years, with the pandemic and stamp duty holiday bringing about a more volatile market.

The Land Registry’s UK House Price Index is the most reliable barometer of what’s happening to house prices, as it’s based on actual property sales rather than asking prices. It works on a two-month lag, so the most recent figures are for April. 

The Land Registry says the average price of a property in the UK rose by £9,000 between April 2022 and 2023 – that’s a 3.5% year-on-year increase. 

This compares with a recent peak of 14.2% recorded last summer, in July 2022.

April’s average house price of £286,489 marked a 0.5% increase from March, suggesting prices are remaining stubborn and not falling away at the rate predicted earlier this year.

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