Live: Average house prices and 'time to sell' in each UK region revealed - as housing market confounds expectations to 'hit record level' (2023)

Key points
  • UK house prices hit record level in May - Rightmove
  • Average house prices per region
  • Morrisons fivers are back as supermarket launches new loyalty programme
  • Current accounts to receive £100 payout from UK's biggest building society
  • Your dilemmas: My employer has reduced my hours while I'm on maternity leave - is this allowed?
  • Budgeting Mum: Saving for your children | Do food subscriptions save you money?| Holiday spending money


Government not on track to hit electric charger target by end of the year

The government's ban on petrol and diesel cars due in 2030 is going to be a tough feat, industry experts have warned after figures showed a lack of charging points for electric vehicles.

In a build up to the ban, the government has aimed to install six or more rapid or ultra-rapid electric vehicle chargers at every motorway service area in England by the end of 2023.

But research by the RAC has found less than a quarter of 119 motorway services have the target number of chargers to serve the UK's estimated 760,000 battery electric vehicles.

Six of them don't have any high-powered chargers at all.

These are:

  • Leicester Forest on both sides of the M1
  • Tebay South on the M6
  • Carlisle Northbound on the M1
  • Strensham Southbound on the M5
  • Barton Park on the A1(M)

"As a lack of charging facilities is rapidly becoming one of the most widely quoted reasons for drivers not going electric, all parties involved in making installations happen must work together to overcome this obstacle," said an RAC spokesman.

"It's critical that the country's charging network grows proportionately, particularly at the fastest end of the charging spectrum."

Lisa Watson, director of sales at Close Brothers Motor Finance, told This Is Money: "If more isn't done to improve charging infrastructure, the 2030 ban on new petrol and diesel vehicles will seem an increasingly tough ask."


Sainsbury's trying to 'set up online fashion marketplace'

Sainsbury's is trying to set up an online marketplace for high street fashion stores and has already approached some brands about the idea, according to reports.

The UK's second-biggest supermarket chain has spoken to the likes of Jigsaw, White Stuff and Yours Clothing about selling on its website and in up to 60 of its larger stores, sources told The Times.

The scheme is reportedly being run by former John Lewis boss Paula Nickolds, who is now the head of Sainsbury's non-food business.

Other supermarkets have made similar moves recently - Marks & Spencer now sells the likes of Jaeger, Joules and Ted Baker on its website, which is placing pressure on traditional department stores.

Sky News has contacted Sainsbury's for comment.

(Video) Is the UK Housing Market About to Crash?


Tesco chairman in talks to sell stake in FTSE mentoring business

Tesco's chairman John Allan is in talks to sell his 20% stake in a FTSE mentoring business, Sky News understands.

Mr Allan is negotiating the sale of his stake in J&A Mentoring to his co-founder, Anna Joseph, for an undisclosed price, reports our city editor Mark Kleinman.

The news has emerged days after the announcement of his resignation from Britain's biggest retailer amid allegations of inappropriate behaviour towards women.

Mr Allan has strongly denied the claims.

You can read more on this story below...


Morrisons fivers are back as supermarket launches new loyalty programme

Some of you may remember the days of the Morrisons fivers, but when the supermarket changed its loyalty scheme in 2021 we said goodbye to the cash vouchers.

But from today they are back, along with a new loyalty programme which can be used as a physical card or app.

The refreshed Morrisons More Card, which replaces the My Morrisons scheme, allows customers to earn points from selected products and counters in store and online as well as at the supermarket's petrol stations.

Here are some of the products you can earn points on...

Once you've earned 5,000 points, you'll receive a Morrisons fiver which can be redeemed on a future shop - be careful though, while you can earn points at petrol stations, you can't use the vouchers to fill up at the pump.

The card will also give customers access to exclusive prices on certain items.

Here are some examples of the offers available...

  • 1 litre Spirits for £17
  • Nescafe Gold 300g and Nescafe Original 200g for £4.99
  • Pringles for £1.25
  • Cathedral City Cheese 350g for £3.00
  • Fish Friday - 20% off fresh fish from the Market Street fish counter each Friday
  • Steak Saturdays - 20% of British steaks from the Market Street butcher's counter each Saturday


Going to a wedding this year? Be prepared to spend more than £1,000

The average wedding guest is set to spend more than £1,000 this year, a survey has suggested.

Jumping by 18%, the cost of going to a wedding now sits at around £1,045, according to American Express.

Guests were expecting to spend £883 on average last year.

This year, the biggest expense is gifts for the newlywed couple, with attendees expecting to spend £217.90.

Cash, couples' experiences and kitchen appliances are among the popular presents that guests are planning to make this year.

Accommodation is the second biggest anticipated cost for guests, at roughly £203.90.

The number of people invited to a wedding is expected to rise as well from 66 to 74.

Here are the top five average expenses anticipated by wedding guests:

  1. Gifts for the couple, including cash gifts - £217.90
  2. Accommodation - £203.90
  3. Childcare - £202.70
  4. Travel - £196.20
  5. Outfits and accessories - £160.30
(Video) UK House Price CRASH - This Is FAR From Over!


Bill-payers will pick up 'a lot' of the cost to upgrade England's sewage system - but they could be reimbursed

Bill-payers will have to pick up "a lot" of the cost relating to improving England's sewer system to prevent sewage from entering the country's seas and waterways, the environment secretary has appeared to accept.

It comes after water companies in England announced a £10bn plan to reduce the number of sewage discharges into rivers and seas, while apologising for the pollution.

But campaigners were incensed that the proposals involve consumers being given higher bills to pay back the investment.

Therese Coffey said she was "pretty fed up" with water companies but confirmed that "a lot of" private sector investment in the water industry "gets repaid through bills".

However, penalties and fines that the private water companies are ordered to pay could see bill-payers reimbursed, she added.

Last week, Anglian Water said customer bills were likely to rise by £91 per year to pay for the £10bn of industry investment, with £12 of that relating to storm overflow upgrades.

Storm overflow outlets, of which there are 15,000 in England, currently release excess sewage and rainwater when under strain, to prevent sewers from becoming overloaded and backing up into homes.

There were 301,091 sewage discharges in 2022 in England, according to Environment Agency figures, though they do not include the volume of sewage.

(Video) How Much Will Property Prices Fall?


'Pig butchering' among four convincing new scams Which? says you should know about

A new wave of convincing scams is "bombarding consumers from every direction", according to consumer group Which?.

The group has issued a warning about the four most convincing scams seen so far this year, such as "pig butchering" and fake missing person appeals.

Pig butchering sees the scammer and victim usually meet on a dating site and, after gaining their trust ("fattening them up") the scammer eventually asks the victim to move on to a private messaging service, removing them from the protections offered by the dating website.

The scammer claims to have been a successful investor - usually in property or cryptocurrency - and offers to invest some of the victim's money.

The victim is sometimes shown a crypto-trading platform controlled by the scammer and encouraged to sign up and deposit money.

Read about the other scams here...


Average house prices per region

We've brought you the national house price picture in the post below - but the Rightmove data released today also contains a regional breakdown.

As you can see in the table here, there are large regional differences - with Scotland and Yorkshire and the Humber seeing significant annual house price rises over the last 12 months, while the East of England is just about stagnant and the North East is the one region to see a fall.

As well as current average house prices, you can also see the monthly change and the average days to sell...


UK house prices hit record level in May - Rightmove

The average price tag on a home jumped £6,647 in May to a record £372,894, the online estate agent says.

The 1.8% month-on-month rise is the biggest of the year so far.

Rightmove cautioned that the "hyper-local" market is still price-sensitive and buyer affordability remains stretched - but there is now "increasing confidence from sellers".

Tim Bannister, the company's director of property science, said: "One reason for this increased confidence may be that the gloomy start-of-the-year predictions for the market are looking increasingly unlikely."

Rather than a downturn, Mr Bannister now expects the market will "continue to transition to a more normal activity level this year following the exceptional activity of the pandemic years".

Steadying mortgage rates and a generally more positive outlook for the economy are contributing factors, Mr Bannister said.

This screengrab from the company's House Price Index shows average prices based on the circumstance of the buyer...

Some other stats released by Rightmove today:

  • The average discount from the final asking price to the agreed sale price has steadied at an average of 3.1%, in line with pre-pandemic market levels;
  • The number of buyers making inquiries to estate agents about homes for sale is now 3% higher than at this time in 2019;
  • There are signs of some over-optimism in the "top of the ladder" property sector, Rightmove said.
  • While larger properties are still selling faster typically than in 2019, it is now taking an average of 67 days to agree a sale, nearly double the 35-day average at this time last year.

Another interesting chart in Rightmove's latest House Price Index shows how much more expensive it has become for first-time buyers over the last year as interest rates have shot up.

You can see that rents have also risen steeply, but nowhere near as much...

(Video) UK HOUSE PRICE CRASH 2023 - The Crash To END All Crashes!


Rishi Sunak and his wife 'lost £500k a day' last year - as Sunday Times Rich List reveals UK's wealthiest people

Prime Minister Rishi Sunak and his wife lost an average of £500,000 a day over the past year, according to The Sunday Times Rich List.

The couple are estimated to be £201m poorer due to a fall in the value ofAkshata Murty's stakein her father's IT firm - but are still worth a reported £529m.

Top of the pile again are Gopi Hinduja and family, who have seen their wealth increase £6.53bn to £35bn.

It is the largest fortune ever recorded inthe listand comes after the head of the family, 87-year-old Srichand Hinduja,died this week.

The Hindujas' company, which spans much of the world, deals with everything from banking and oil to automotive groups, healthcare and cybersecurity.

Sir Jim Ratcliffe,the chemicals titan who's hoping to buy Manchester United, has shot into second after new information about his finances.

The Ineos boss is up an eyewatering £23.6bn to £29.69bn.

However, it is not good news for one of the UK's best-known billionaires, Sir Richard Branson, whose wealth is down £1.79bn - or more than 40%.

Read our full story on the Rich List here...

(Video) Selling your home? It Pays to Panic first (before everyone else)


What is the record house prices in the UK? ›

Average House Prices in the United Kingdom averaged 128453.51 GBP from 1983 until 2023, reaching an all time high of 294844.95 GBP in June of 2022 and a record low of 26187.81 GBP in January of 1983. This page includes a chart with historical data for the United Kingdom Average House Prices.

What is the average house price index in the UK? ›

The average house price in England increased by 6.9% over the 12 months to January 2023, down from an increase of 9.8% in the 12 months to December 2022. The average house price in England was £310,000 in January 2023. The average house price in Northern Ireland increased by 10.2% over the year to Quarter 4 2022.

Are UK house prices set to fall the times? ›

Rising rates make it more expensive to borrow money which means fewer potential buyers can afford mortgages. The Office for Budget Responsibility (OBR) predicts that house prices will fall 9% over the next two years. They predict they will rise again in 2025.

How quickly are house prices rising in UK? ›

UK house prices rose by 0.5% in April after seven months of declines, according to Nationwide building society. The modest increase took the average price of a home to £260,441 last month, from £257,122 in March.

Have UK house prices hit record high? ›

Steadily increasing prices throughout 2022 resulted in the average UK house price reaching a record high. The average UK house price was £296,000 in October 2022, which is £33,000 higher than this time last year.

Are house prices at an all time high UK? ›

The average house in the UK currently costs around nine-times average earnings, based on data as at 30 November 2022. The last time house prices were this expensive relative to average earnings was in the year 1876, nearly 150 years ago.

Should I buy a house now or wait until 2023 UK? ›

While reduced interest rates may mean demand for houses could increase, this will also make monthly mortgage payments more affordable, which could mean 2023 is the perfect year for you to buy a house instead of waiting until 2024.

Are house prices likely to drop in 2023 UK? ›

Lloyds and Halifax expect house prices to fall 8% in 2023, while Nationwide and online estate agent Zoopla are predicting falls of 5%. But while the consensus is that prices will fall this year, “it is a more nuanced picture”, says Myron Jobson, senior personal finance analyst at interactive investor.

What will happen to UK house prices in a recession? ›

The housing market will cool sharply next year after a bumpy 2022, industry experts are predicting, as the UK contends with recession and higher mortgage rates.

Where are house prices rising fastest in England? ›

The 20 areas of England where house prices are rising fastest, including in London, Birmingham and Sheffield. These neighbourhoods in England have seen the greatest increase in property prices in the last year - find out if your local area has made the shortlist.

How much has the average house price increase over the last 10 years in the UK? ›

House prices have soared over the past decade in the UK but some areas have seen much bigger gains than others... and one has even seen a fall. Official figures from the ONS show the average UK house prices rose from £167,716 in January 2013 to £290,000 at the end of January 2023 - a gain of 73 per cent.

What is the average price of a house in the UK in 2023? ›

The average UK house price was £288,000 in February 2023, which is £16,000 higher than 12 months ago. Average house prices increased over the 12 months to £308,000 (6.0%) in England, to £215,000 in Wales (6.4%), to £180,000 in Scotland (1.0%) and to £175,000 in Northern Ireland (10.2%).

Which cities have the highest house prices in England? ›

With an average property price of £521,700, London leads the way as the most expensive place to buy a home in the United Kingdom. In a composite of 20 UK cities for March 2023, the Zoopla House Price Index found that Cambridge is the second most expensive city to buy property, with an average price of £465,000.

How much did UK house prices crash in 2008? ›

House prices then went on to fall by as much as 20pc in 2008. If today's prices were to follow the same pattern, the value of the average home would fall from £284,000 to about £227,000 – a drop of nearly £60,000 peak-to-trough.

When was the last time house prices dropped UK? ›

The 2008 financial crash

The biggest fall in UK house prices in recent memory was brought about by the financial crash of 2007-2009, which occurred as a result of deregulation in the financial industry and mortgage brokers in particular.

Are houses unaffordable in the UK? ›

However, affordability fluctuates wildly depending on the region. Houses in the Midlands cost 7.5 per times the regional average salary, compared with 6.5 in the North West, Yorkshire and Wales and 12 times in London. Affordability in Scotland is best, where properties typically cost 5.5 times the average salary.

Are UK house prices unaffordable? ›

The average British home now costs about nine times average earnings: one estimate I recently read reckoned that the last time UK houses were this expensive was in 1876.

Why are property prices so high in England? ›

Interest rates: The Bank of England sets the base interest rate level and, if it is relatively low, people can afford to spend more on a property as the cost of borrowing is lower. This tends to push house prices up.

What is the UK real estate outlook for 2023? ›

The UK housing market is facing a number of headwinds in 2023, including rising interest rates, diminishing affordability, and economic uncertainty. As a result, it is likely that house price growth will slow or even decline in the coming year.

Will houses be cheaper in 2024 UK? ›

Analysts at Nomura predict UK house prices will drop 15 per cent by mid-2024, estate agency Savills (SVS) and UK banking group Lloyds (LLOY) forecast prices will slump 10 per cent in 2023, while Knight Frank, another agency, is predicting a 10 per cent fall over 2023 and 2024.

Why buying real estate in 2023 could be a good idea? ›

Despite what some may think, 2023 is still a good year to invest in real estate, thanks to advantages like long-term appreciation, steady rental income, and the opportunity to hedge against inflation. Mortgage rates are expected to decline, but the housing market is likely to remain competitive due to low supply.

Is now a good time to sell house UK? ›

If you're considering selling your house or looking to upgrade, now may be the perfect time for a successful transaction. Prices are rising and estate agents Oliver Rayns have estimated that UK estate values will continue to increase until 2023, making now an ideal opportunity to capitalise on it.

Will house prices go down in 2023 usa? ›

Historically, home prices tend to rise over time, not fall. Prices are currently coming down in some markets, and the national median price was ever-so-slightly lower in February 2023 than it was in 2022, but experts do not expect dramatic drops.

Will 2023 be a bad time to buy a house? ›

The most recent data indicates that, for first-time home buyers, May 2023 is a good time to buy a house. This article provides an unbiased look at current mortgage rates, housing market conditions, and market sentiment.

Is it better to have cash or property in a recession? ›

In addition, during recessions, people with access to cash are in a better position to take advantage of investment opportunities that can significantly improve their finances long-term.

Will house prices drop if a recession hits? ›

Will house prices go down in a recession? While the cost of financing a home typically increases when interest rates are on the rise, home prices themselves may actually decline. “Usually, during a recession or periods of higher interest rates, demand slows and values of homes come down,” says Miller.

Do people still buy houses in a recession? ›

A recession a can be a good time to buy a house, provided your own economic situation is sound. Foreclosures and short sales may be enticing due to low offer prices, but they carry some risks and potentially higher costs. Shop around for the best mortgage rates.

Where are houses selling fastest in UK? ›

Scotland is the quickest market in Great Britain, while London takes the longest to find a buyer on average (65 days). Across Great Britain, it is currently taking 55 days on average to find a buyer and a further 165 days to complete a sale.

Which city has the highest property price growth UK? ›

York saw the highest property price inflation of any town or city in in England in Wales during 2022, growing by +23.1% (£69,648) over the course of the last year. Since March 2020, average house prices in the historic city have risen by +41.9% from £261,183 to £370,639 (£109,457).

Which county in the UK has the highest house prices? ›

Which UK postcodes have the highest asking price?
3SG10East Hertfordshire
4SL8South Buckinghamshire
16 more rows
Jan 25, 2023

What is the average price of a detached house in England? ›

Average price by property type for England
Property typeMay 2022May 2021
1 more row
Jul 20, 2022

How much will house prices be in 2030 UK? ›

The UK as a whole

Our underlying forecasts suggest that property prices will rise 23% by 2020 and 97% by 2030. An averagely priced home costing £280,000 today, would therefore cost around £344,000 five years from now and over half a million in fifteen years' time.

How much has the average UK house price increased over the last 50 years? ›

Today, the average UK homebuyer is forking out £278,436 on the average property. That's a total increase of 464%, with house prices climbing by an average of 9.3%, or £4,582, every single year over the last 50 years.

What is the average house price in USA? ›

The average home price in the U.S. is $348,079 in 2022. Hawaii earned the title of the most expensive state to buy a house in, whereas the most affordable state to buy a house is West Virginia.

What is the average house price in London? ›


What is the average US home price in 2023? ›

The median home sales price in the United States is $436,800 as of the first quarter of 2023. That's down 9% from the fourth quarter of 2022 when the median home sales price was $479,500.

What is the biggest UK house price fall since 2008? ›

UK average house price drops to £285,579 in biggest fall since 2008. Homebuyers needed £285,579 to afford a property in the UK in November as the average house price fell by 2.3%.

What is the record for the most expensive house? ›

The Penthouse at Central Park Tower, New York — $250 Million. Call it a coincidence, but the most expensive home in the world is perched atop the world's tallest residential building on New York City's Billionaires' Row.

What is the most expensive town to buy a house in the UK? ›

S alcombe in Devon has been named as the UK's most expensive seaside town to buy a house in.

How much did UK house prices fall in 2008? ›

House prices then went on to fall by as much as 20pc in 2008. If today's prices were to follow the same pattern, the value of the average home would fall from £284,000 to about £227,000 – a drop of nearly £60,000 peak-to-trough.

How did the 2008 recession affect the housing market UK? ›

On an inflation-adjusted basis, the effect of the Global Financial Crisis means the average UK house price is 11% below its 2007 level. This has occurred despite a prolonged period of abnormally low interest rates. In August 2007, the average interest rate for a new mortgage was 5.88%. Now, it stands at just 2.04%.

Why did the UK housing market crash in 2008? ›

The Crash:

Banks stopped lending as freely, and people found it harder to get mortgages. This, in turn, led to a sharp decline in property prices, as buyers dried up and sellers struggled to offload their properties. At its worst, the UK property market fell by around 20%.

When did UK house prices peak? ›

Double digit inflation peaks at over 20% in the middle of 1980. This combines with the early 1980s recession such that prices fall by 17% in real terms.

Who owns most expensive house in USA? ›

The Chartwell Estate, located in Beverly Hills, California, is owned by the late head of Univision, Jerry Perenchi. Built in 1933, the French neoclassical home encompasses 25,000 square feet of land. It is situated on a 10-acre expanse of manicured lawns and gardens.

Who bought the most expensive house in USA? ›

220 Central Park South, Penthouse 73—$188 Million

In 2019, hedge fund owner Ken Griffin logged the highest amount paid for a residence on record in the US, when he bought a penthouse for $238 million in the lauded limestone tower.

Where is the most expensive house in America? ›

1. The One, Los Angeles, California | Most Expensive Houses. The One, which took eight years to create, has surpassed all other pricey mansions in the US to claim the top rank. Nile Niami's modern masterpiece, this private mansion is situated on a five-acre site in Bel Air, Los Angeles, California.

Where is the most affluent area in the UK? ›

The richest neighbourhoods in the UK are all located in London, with the areas of Kensington and Chelsea and Hammersmith and Fulham topping the list. In October, the Office for National Statistics (ONS) released its latest data based on the total gross disposable household income (GDHI) across the country in 2020.

Which part of England is most expensive? ›

Bristol. The first location in the top 15 most expensive places to live in the UK outside of the South-West. Bristol is based in the South-East of England and is a hub of art and culture. Bristol is one of the best places in the UK for transport.


1. Housing Market Crash 2023 Is Coming
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2. April RICS Housing Market Survey | Stig reacts to new BoE 4.5% Rate
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3. What if house prices go up and I miss the market?
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4. Housing Market Is In For ANOTHER Shake Up
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5. When will house prices bottom in 2023? | The Business | ABC News
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