Residential Sales Value Portal

Welcome to Lambert Smith Hampton’s Residential Sales Values Portal (RSVP), your visual guide to residential per sq ft values across the UK. The map utilises a variety of statistics to illustrate key residential pricing indices at the local authority level. Simply click on the map below to assess residential values, property prices and prevailing affordability levels across the UK.

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PRICES FALL MORE SHARPLY IN LONDON

Average UK residential property prices fell by 1.4% in 2023, reflecting the impact of rising interest rates on borrowing and a more challenging economic environment generally. The fall was however slightly less marked in the second half of the year, with average prices falling by 0.6% in H2, compared with a fall of 0.8% in H1.

Greater London was the main drag on growth in H2, with average residential property prices falling by 2.8% over the period. Despite this, the capital nonetheless remains by far the most expensive area of the UK, with average values equating to £760 per sq ft. This is 85% higher than the average for the South East, the second most expensive region of the UK.

Beyond Greater London and the UK’s southernmost regions, average values are relatively uniform across the other regions of the UK. The North East is home to the lowest average values, reflecting £171 per sq ft, while prices in Wales, Yorkshire and The Humber, the North West and Midlands are within a relatively tight range of £214 to £262 per sq ft.

At a more local level, many parts of the UK bucked the wider trend and recorded a degree of price growth during in H2 2023. Some of the most significant price increases over the period were apparent in relatively rural parts of the UK. Rossendale, in the North West, was the strongest performer among the UK’s 360 districts, recording price growth of 11%.

At the other end of the scale, some of London’s most expensive districts appeared especially sensitive to the higher interest rate environment and saw the sharpest price falls in H2, most notably the City of London, where average prices fell by a colossal 19%.

Unsurprisingly, London has the highest property price to income ratio, averaging 12.5, with Camden as the district with the highest ratio of 19.4. In contrast, the North West demonstrates a much more favourable level of affordability, with a regional price to income average ratio of 6.3. Burnley shows the lowest ratio of anywhere in the UK, standing at 3.5.

SUB-REGIONAL VALUE VARIANCE

The spread of residential values within the UK regions is tightest in the North East, with the most expensive district of North Tyneside (£211 per sq ft) commanding a modest 51% premium over the region’s least expensive district of Hartlepool (£140 per sq ft). The second lowest intra-regional variation between districts is in the South West, where the average price spread is 57% between the most expensive and least expensive districts, namely Bristol and Plymouth respectively.

Conversely, and beyond the extremes associated with Greater London, the East of England exhibits the highest regional spread in average pricing between its constituent districts, standing at 169%. This is likely due to significant variability in commutability with central London, with The East region’s most expensive district of St Albans (£620 per sq ft) being far better connected with major population centres than the least expensive area of Fenland (£231 per sq ft).