Average UK house prices increased by 3.5% in the 12 months to April 2023, according to the Office for National Statistics, down from 4.1% in March 2023.

It said the average UK house price was £286,000 in April 2023, £9,000 higher than 12 months ago, but £7,000 below the recent peak in September 2022.

On a monthly basis, the average UK house price increased by 0.4% in April 2023, following a month-on-month decrease of 0.7% in March 2023.

Home nations

Average house prices increased over the 12 months in all four nations to £306,000 in England (3.7%), £213,000 in Wales (2.0%), £187,000 in Scotland (2.0%) and £172,000 in Northern Ireland (5.0%).

The North East saw the highest annual percentage change of all English regions in the 12 months to April 2023 (5.5%), while London saw the lowest (2.4%).

Nathan Emerson, Propertymark CEO, said: “We are currently in a steady market with stable house prices which is good news for the wider economy. With potential interest rate rises on the horizon, we may continue to see a further shift towards more realistic and sustainable house prices down from the spike seen during the pandemic.

“Propertymark data is showing confidence from sellers, finding a 70% increase in properties available for sale compared to April 2022.

“This is giving buyers more room for negotiation in addition to more choice, with a wide range of properties on the market.”

Nick Leeming, chairman of Jackson-Stops, added: “Today’s figures show a slight uptick month on month but continue to point to a modest market rebalancing after the rapid acceleration of house prices during the pandemic.

“The speed at which prices rose, and held, surprised almost everyone as only the most optimistic could have foreseen this outcome in March 2020. After a moment of pause, property values are finding their new normal as the pendulum swings back into the favour of buyers; but only just.”