Residential property prices of new dwellings in the third quarter of 2023 were 10.4% higher than in the corresponding quarter of 2022. This compares with an increase of 11% in the year to the second quarter and an increase of 9.1% in the four quarters to Q3 of 2022.
Prices of existing dwellings in the third quarter of 2023 were 1% lower than in the corresponding quarter of 2022. This compares with an increase of 0.6% in the year to the second quarter and an increase of 12.6% in the four quarters to Q3 of 2022. See Figure 2.1.
Overall, prices of new dwellings have risen by 113.4% from their trough in the middle of 2013. Prices of existing dwellings are now 129.6% higher than at their trough in 2012. See Figure 2.2.
The price indices for new and existing dwellings are produced on a quarterly basis and at the national level only. This is due to the low transaction numbers for new dwellings, which would result in a highly volatile monthly index. Pooling the transactions over a quarter, rather than a month, allows for the calculation of more robust estimates of price change.
Explore the average property price, breakdown of buyers and trend of sales over time
Learn about our data and confidentiality safeguards, and the steps we take to produce statistics that can be trusted by all.