London House Prices Showing Signs of Recovery

According to land registry data, prices in England and Wales stayed steady at £265,000 between October and November 2023. Prices per square metre however did rise by 1.3%. Overall prices were down 6% compared to November last year but only by 2.9% on a per square metre basis. Regionally the breakdown for November 2023 was as follows:

CountryRegionMedian PriceMedian Price/m2MoM Median Price Change%MoM Median Price/m2 Change%YoY Median Price Change%YoY Median Price/m2 Change%
EnglandEast Midlands£220,000£2,756-4.30.0-6.8-1.3
EnglandEast of England£322,750£3,7810.9-1.7-7.1-6.2
EnglandNorth East£137,750£1,8782.08.2-2.75.3
EnglandNorth West£177,000£2,279-1.7-2.0-9.2-5.6
EnglandSouth East£370,000£4,3842.11.0-3.9-3.5
EnglandSouth West£312,850£3,696-1.3-0.5-1.5-0.9
EnglandWest Midlands£220,000£2,828-3.3-0.3-6.4-2.1
EnglandYorkshire and The Humber£195,000£2,5302.
England & WalesAll£265,000£3,2370.01.3-6.0-2.9

London is showing a recovery in house prices as mortgage rates decline, up 2.1% overall for the month and 3.1% on a per square metre basis. The East of England is up 0.9% overall, but down 1.7% per square metre showing that buyers there may be using lower prices as an opportunity to buy larger houses.

Yorkshire and the Humber showed the highest rise at 2.6% overall and 3.5% per square metre month on month and up 7% per square metre compared to November last year.

The North West still seems to be in decline:

Prices overall are still higher than they were before the pandemic, sales however are still down by over 80% compared to last year so it will be some time before the market returns to normal.

Want to see more detailed data on prices, crime and demographics? Check out our free UK property app.