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UK House Prices Increased by 9.8% in 2022, Says ONS

The Office for National Statistics (ONS) reported in mid-February that the average UK house price increased by 9.8% in the 12 months to December 2022, down from 10.6% in November 2022.

The average UK house price was £294,000 in December 2022, which is £26,000 higher than 12 months ago but a slight change from November’s record high of £296,000.

Average house prices increased over the 12 months to £315,000 (10.3%) in England, £222,000 in Wales (10.3%), £187,000 in Scotland (5.7%) and £175,000 in Northern Ireland (10.2%).

Scotland’s annual house price inflation has generally been slowing since April 2022, reaching 5.7% in the 12 months to December 2022, down from 13.9% in the 12 months to April 2022.

The East Midlands saw the highest annual percentage change in the 12 months to December 2022 (12.3%), while London saw the lowest (6.7%) of all
English regions.

Industry reaction
Felicity Holloway, head of mortgages at Moneybox, says of the ONS data: “While we’ve seen house prices year-on-year steadily increasing, we are beginning to see this change. A fall in annual house prices is expected as cost-of-living pressures continue to squeeze incomes, weaken consumer confidence, and ultimately slow the market. 

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