All regions saw annual price falls in Q3
The Nationwide has produced regional house price indices for Q3 – the July to September period – offering investors an insight into the nuances of the market across the country.
The South West was the weakest performing region, with prices down 6.3 per cent year on year, while Northern Ireland remained the best performing region, with a modest 1.8 per cent fall.
Wales saw a sharp falls of 5.4 per cent from a drop of just 1.4 per cent last quarter. Scotland also saw a slowing in annual house price growth to minus 4.2 per cent, from minus 1.5 per cent in Q2.
Across northern England (which comprises North, North West, Yorkshire & The Humber, East Midlands and West Midlands), prices were down 3.9 per cent compared with Q3 2022.
Meanwhile southern England (South West, Outer South East, Outer Metropolitan, London and East Anglia) saw a 4.8 per cent year-on-year fall. London was the best performing southern region, although still saw a 3.8 per cent annual decline.
|
Region |
Average Price (Q3 2023) |
Annual % change this quarter (July-September) |
Annual % change over last quarter |
|
N Ireland |
£180,668 |
-1.8% |
0.7% |
|
North |
£156,051 |
-2.0% |
-3.3% |
|
West Midlands |
£241,130 |
-2.4% |
-1.9% |
|
North West |
£205,553 |
-3.5% |
-4.1% |
|
London |
£514,325 |
-3.8% |
-4.3% |
|
Scotland |
£176,814 |
-4.2% |
-1.5% |
|
Outer Met |
£416,365 |
-4.4% |
-2.9% |
|
Yorks & H |
£198,030 |
-5.4% |
-3.2% |
|
Outer S East |
£334,215 |
-5.4% |
-3.7% |
|
Wales |
£202,065 |
-5.4% |
-1.7% |
|
East Midlands |
£228,373 |
-5.5% |
-1.1% |
|
East Anglia |
£273,066 |
-5.6% |
-4.7% |
|
South West |
£301,600 |
-6.3% |
-4.0% |
|
UK |
£260,181 |
-4.7% |
-3.1% |
|
UK Fact File (Q3 2023) |
|
|
Quarterly average UK house price |
£260,181 |
|
Annual percentage change |
-4.7% |
|
Quarterly change* |
-0.7% |
|
Most expensive region |
London |
|
Least expensive region |
North |
|
Strongest annual price change |
Northern Ireland |
|
Weakest annual price change |
South West |
|
Nation |
Average Price (Q3 2023) |
Annual % change this quarter |
Quarterly % change* |
|
N Ireland |
£180,668 |
-1.8% |
-1.3% |
|
Scotland |
£176,814 |
-4.2% |
-1.4% |
|
England |
£298,441 |
-4.5% |
-0.6% |
|
Wales |
£202,065 |
-5.4% |
-1.6% |
Source: all data from Nationwide
House prices rising sustainably (at least until the Budget…)