The House of Commons Library has published its latest report on Key Economic Indicators on house prices.
It can be seen here, and says:
House prices, as measured by the UK House Price Index, increased by 3.5% between April 2022 and April 2023. On a seasonally adjusted basis, average house prices increased by 0.4% between March 2023 and April 2023.
House prices grew at different rates across the UK’s countries and regions over the year to April. House prices grew fastest in the North East and North West. House prices also grew relatively quickly in Northern Ireland, but this was over a different period (year to Q1 2023). House price growth was slowest in Wales, Scotland and London.
Bank of England data on the number of mortgages approved to finance house purchases are a leading indicator of house sales.
Mortgage approvals for house purchases reached a lockdown-related record low in May 2020. Approvals then increased significantly towards the end of 2020 but have fallen since. Mortgage approvals for house purchases in May 2023 were down 24% on a year ago but up 3% on April 2023.
There were 50,524 mortgage approvals in May 2023, compared with 66,175 in May 2022.
Housing starts and completions fell sharply in Q2 2020 reflecting the coronavirus lockdown. They are now higher.
There were 37,810 house building starts (seasonally adjusted) in England in Q1 2023, a 3% decrease compared with the previous quarter, and a 12% decrease compared with the same quarter of 2022.
There were 39,970 house building completions (seasonally adjusted) in England in Q1 2023, a 12% decrease compared with the previous quarter, and an 8% decrease compared with the same quarter of 2022.