Just over a year ago, all the talk was around house prices dropping by up to 10% in 2023.
But things don’t seem quite so bad in hindsight.
Our latest report reveals that more than half (56%) of UK homes stayed the same or rose in value in 2023.
And a huge 77% of home values remained within the +/-5% range, highlighting the more stable nature of house prices since stricter mortgage restrictions were introduced in 2015.
Although there are some winners: 1 in 10 UK homeowners gained 5%+ in value, gaining £17,200 on average.
And some losers: just over 13% of homes dropped more than 5% in value, each losing an average of £13,200.
Lost 5% or more in value | Value remained within +/-5% | Gained 5% or more | |
---|---|---|---|
Percentage of UK homes | 13% | 77% | 10% |
Number of UK homes | 3.7 million | 23.1 million | 3.1 million |
We’ll dive into which locations have seen the most falls and gains. But if you want a more specific estimate of your home's value, track it.
The winners: where the most homes gained 5%+ in value
Local authority area, region | Percentage of homes that gained 5%+ in value |
---|---|
Rossendale, North West | 44.2% |
Blackburn with Darwen, North West | 34.5% |
Telford and Wrekin, West Midlands | 32.6% |
Merthyr Tydfil, Wales | 32.3% |
Burnley, North West | 32.3% |
Bolton, North West | 31.1% |
Inverclyde, Scotland | 30.0% |
Glasgow, Scotland | 29.7% |
Carlisle, North West | 28.9% |
Knowsley, North West | 27.9% |
A lucky 1 in 10 homeowners have seen gains of more than 5% in 2023. That’s 3 million of you across the UK who have gained £17,200 on average.
This year’s winners are largely based in the North West, where half a million homes (17%) gained more than 5% in value. In this region, the average value increase was a tidy £13,200.
An impressive 44% of homeowners in the borough of Rossendale saw a 5% jump in value this year, where reputable schools, stunning scenery and good commuter links are pushing values up.
Elsewhere in the North West, more than 30% of homeowners gained 5% in value in Blackburn, Burnley and Bolton. These up-and-coming commuter towns are affordable and increasingly popular alternatives to Manchester.
Beautiful Inverclyde on Scotland’s west coast and the buzzing city of Glasgow also make our winners list, with 30% of homeowners gaining 5%+ this year - compared to 16% across Scotland as a whole.
The charming Telford and Wrekin area in the West Midlands and Merthyr Tydfil near the Welsh valleys are also top 10 winners this year, with 32% of homeowners gaining 5%+.
The losers: where the most homes lost 5%+ in value
Local authority area, region | Percentage of homes that lost 5%+ in value |
---|---|
Dover, South East | 52.4% |
Hastings, South East | 50.7% |
Aberdeen, Scotland | 45.1% |
Canterbury, South East | 43.4% |
Thanet, South East | 40.9% |
Rother, South East | 38.6% |
Folkestone & Hythe, South East | 35.8% |
Tendring, East of England | 35.3% |
Moray, Scotland | 32.1% |
South Holland, East Midlands | 31.5% |
While home values generally fared better than expected last year, there’s no denying that some places lost out - with home values falling by 5%+ over 2023.
The South East was the worst hit, with 18% of homeowners seeing their home’s value drop by 5%+. Of these, the average loss was £13,200 over the year.
These falls are clustered around the Kent and East Sussex coasts: half of all homes in both Dover and Hastings lost 5%+ in value, along with more than 35% of homes in Canterbury, Thanet, Rother, and Folkestone and Hythe.
The East of England saw 18% of properties lose value, although by a lesser average of £11,500. The proportion of homes losing value jumps to 35% in Tendring on the Essex coast, while it was above 27% in both Colchester and Great Yarmouth.
Rural and coastal areas within commuting distance of larger cities saw a large flow of buyers during the Covid-19 pandemic. Home values in these areas are adjusting back now that demand has cooled.
My Home: track your home's value
Discover how much your home could be worth, track its changing value over time and find out what homes in your area have sold for.

Who will win and lose in 2024?
We think this year will serve up more of the same for homeowners in the UK.
We’re expecting an average fall of around 2% across the country, although - like 2023 - this will differ depending on where you live and what sort of home you own.
See more of our predictions for 2024.
How do we work out home values?
We only use data from regulated sources to create our home estimates. These sources include:
Data from HM Land Registry and Registers of Scotland
Official survey records from accredited surveyors
Energy Performance Certificates
We combine this data with live property listings in your area to take the latest local market trends into account.
Once we’ve created estimates for around 30 million homes in the UK, we can analyse the data as a whole and bring you reports like this.
But we don't claim to know everything. We provide confidence ratings to let you know if our data sources haven't updated or we don't have enough info.
And that's why we always recommend you get an estate agent valuation for the most accurate picture of what your home is worth.
See what local experts think your home is worth
If you're getting ready to sell or just super curious, we recommend getting a free, in-person valuation from a local estate agent.