How do average house prices vary across Great Britain?

If you’re thinking of making a New Year move, you’ll know there have been plenty of headlines about house prices recently.

Average asking prices usually increase in January, after the quiet home-moving period over Christmas. And after two previous months of price falls in November and December, we’ve seen the average asking price of a home in Great Britain rise by 0.9%, to £362,438.

This January’s price growth is the biggest we’ve seen at this time of year since 2020. But it’s based on a national average, and prices vary among different locations across up and down the country. Lots of smaller, local markets can be affected in different ways. For instance, price growth in an area could vary from street to street, depending on the types of homes available, along with the desirability of the location.

Our monthly House Price Index has the most up-to-date monthly data on asking prices in England, Scotland and Wales, because it’s based on the prices set by sellers who have their homes on the market now.

So, we’ve taken a closer look at some of the homes listed for sale within the past few weeks in Scotland, Wales and each region of England. You can also check current asking prices in each location, and see how they’ve changed in the past year, along with how long it’s taking for homes to sell in each area.

Scotland

Average asking price Jan 2023: £169,594
Monthly change: -5.2 %
Year-on-year change: +4.4%
Average time to sell: 36 days

Average asking prices in Scotland are less than half the price of the national average, at £169,594, although they have risen by more than 4% in the past year. It’s also the location where homes are selling the fastest, within 36 days on average.

North East

Average asking price Jan 2023: £179,673
Monthly change: +1 %
Year-on-year change: +8.7%
Average time to sell: 49 days

The North East is the least expensive region in England to buy a home, with asking prices almost less than half the national average. Prices are up by 8.7% compared to last year, and homes are currently taking around 49 days to sell.

Yorkshire & Humber

Average asking price Jan 2023: £235,340
Monthly change: -0.2 %
Year-on-year change: +9.5%
Average time to sell: 50 days

Average asking prices have risen by 9.5% in Yorkshire & Humber, which is the biggest annual price growth of all of the different regions of England. Homes here are currently taking an average of 50 days to sell.

North West

Average asking price Jan 2023: £248,829
Monthly change: +1.5 %
Year-on-year change: +8.7%
Average time to sell: 49 days

Wales

Average asking price Jan 2023: £251,611
Monthly change: +1.3 %
Year-on-year change: +9%
Average time to sell: 57 days

West Midlands

Average asking price Jan 2023: £281,660
Monthly change: +0.9 %
Year-on-year change: +7.2%
Average time to sell: 48 days

East Midlands

Average asking price Jan 2023: £286,753
Monthly change: +1.8 %
Year-on-year change: +7.5%
Average time to sell: 52 days

East Midlands saw the highest monthly rise in asking prices of all locations across Great Britain, and annual growth of 7.5 %.

South West

Average asking price Jan 2023: £371,485
Monthly change: -0.4%
Year-on-year change: +3.4%
Average time to sell: 49 days

East of England

Average asking price Jan 2023: £417,192
Monthly change: -0.3%
Year-on-year change: +5.3%
Average time to sell: 55 days

South East

Average asking price Jan 2023: £473,598
Monthly change: +0.1 %
Year-on-year change: +5%
Average time to sell: 54 days

London

Average asking price Jan 2023: £667,587
Monthly change: +0.2 %
Year-on-year change: +6.1%
Average time to sell: 67 days

London is the most expensive location to buy a home in England. Average asking prices are up by 6% compared to a year ago, at £667,587, and £300,000 more than the national average.

READ MORE: Why have house prices risen this month?

The header image for this article is provided courtesy of Michael Rhodes, Romsey.