Property Market Update: house prices and construction output
House price growth
The Office for National Statistics House Price data for February 2023, revealed prices are down by 6.5% from January but up by 5.5% during the same period 12 months ago.
Monthly house prices changes across the UK:
The average UK house price was £288,000 in February 2023, which is down £2,000 from January 2023 but £16,000 higher than February 2022. This is also a drop of 2.7% from October 2022’s record high of £296,000.
Average house prices increased across all four countries :
- England increased 6% to £308,365
- Wales increased 6.4% to £215,343
- Scotland increased 1% to £180,287
- Northern Ireland increased 10.2% to £175,234
The Department for Business, Energy & Industrial Strategy recently released their monthly statistics of building materials and components for March 2023. This is coupled with the ONS data on Construction Output for February 2023.
The construction material price changes were mostly reflected in New Housing which rose by 9.5% between March 2022 to March 2023, followed by Other New Work at 9.0%.
Monthly construction output is estimated to have increased by 2.4% in February 2023 compared with January 2023, making it the highest monthly value in level terms since January 2010 when records began.
On a quarterly basis, construction output saw an increase of 0.9% in the three months to February 2023 which is the sixth period of consecutive growth in the three-month-on-three-month series.
Read more on these topics in the latest issue of our newsletter South East Property.Read South East Property
For further information, please contact our Construction and Real Estate team on 01293 227670.