The Average Price Of UK Property In 2023
Posted on 02/02/2023
According to Rightmove, in January 2023 property asking prices increased by 0.9%, taking the average UK property asking price up to £362,438. Despite this small increase however, demand from buyers is down by more than 30% compared to January 2022.
This decrease in demand will undoubtedly be a result of recent mortgage turmoil and high interest rates which have effectively put the brakes on the UK housing market.
Things might not be quite as bleak as they seem though. House prices were somewhat inflated during the global pandemic, with a housing market buoyed by government incentives which included stamp duty holidays.
Property prices have continued to rise, outpacing earnings and so with demand now slowing and inflation high, what we’re likely to see over the coming months is indeed a slowdown, but one that will correct the rampant growth we’ve seen in recently years.
Some homeowners may be waiting until a little later in the year before putting their property on the market but with things moving slowly, now could provide an unexpected opportunity for buyers with the right finance in place, to snap up something that may have been languishing on the market for some time.
Here are a few examples of what the average £360k could buy you in different parts of the country currently.
Prices correct as of 20.01.2023
In Sheffield, south Yorkshire you can get a brand new detached 3 bedroom family home for the price of £359,995. You’ll get a garage, double drive, 2 bathrooms and a modern open plan layout.
For £360,000 you could buy this spacious 5 bedroom detached home. There’s a downstairs loo, en suite and family bathroom, a utility room, living room and a family room providing a good amount of space for a family.
This lovely 4-bedroom townhouse in Banbury Oxfordshire is on the market for £365,000. The entire upper floor is a master bedroom with a spacious ensuite.
For £360,000 a lovely characterful Grade II listed Bath stone three-bedroom terrace cottage is for sale. Fully renovated and with a private garden, this little cottage is spread over 3 floors.
For offers in the region of £350,000 you could buy this characterful grade II listed property. With 3 bedrooms including a master bedroom with ensuite, the property features a separate living room, dining room and a good sized kitchen.
A basic but clean and modern flat in Holloway London, with 1 double bedroom located close to transport links.
A 4-bedroom detached home in Whitchurch is for sale with Rightmove, and it includes a double drive and garage. Upstairs there’s a family bathroom and master bedroom with ensuite and downstairs there’s a WC, a spacious kitchen diner and a utility room.