ONS House Price Index: Nick Leeming, Chairman of Jackson-Stops comments, March 2023

The ONS House Price Index showed that the average UK house price increased by 6.5% in the 12 months to January 2023 at an average price of £290,000, some £17,000 more than a year prior.

Nick Leeming, Chairman of Jackson-Stops, comments: “Despite economic headwinds, the property market remains on course for the months ahead, with only a marginal decrease in house prices reported despite many predicting a more dramatic decline. Much of this data reflects the fallout from Autumn's Trussonomics, where now, as we move into the Spring, we are seeing a much more healthy market with more listings as well as buyers, as people renew their search after putting purchases on hold for longer than usual at the end of last year. Resilience is the new buzz word for housing, with what could be a surprisingly bright summer ahead.

“Sellers have benefited from unprecedented levels of house price growth in recent years and even as this pace softens, low housing stock and stabilising mortgage rates are likely to insulate prices for the foreseeable future. On an annual basis average UK house prices increased by 6.3%, with the average price now £290,000. Even as price growth adjusts slightly month on month, house prices are still £17,000 more than they were a year ago. This was demonstrated further in Rightmove’s latest survey, seeing house guide prices rise by £3,000 – seemingly defying economic gravity but a solid indicator of a resilient market.

“There remain opportunities available and deals to be had for buyers in a position to move quickly. Micro-housing markets continue to see regional nuances in buyer demand and stock availability, but one thing that is clear across Jackson-Stops’ national network is that properties in prime locations with high quality, local amenities are continuing to command a premium. Urban locations and commuter towns that allow buyers to have more space and a manageable commute remain property market gold dust.”