House prices see biggest decline since 2011

House prices

According to the latest figures from the ONS, this compares to a 1.3% drop in the 12 months to October 2023 and is the biggest annual decline in house prices since 2011

Average UK house price dropped by 2.1% in the year to November 2023 coming to an average of £285,000, figures show.

According to the latest figures from the ONS, this compares to a 1.3% drop in the 12 months to October 2023 and is the biggest annual decline in house prices since 2011. The report added that the average house price of £285,000 was £6,000 lower than 12 months ago.

The ONS added that on a seasonally-adjusted basis, the average UK house price dropped by 0.4% in November 2023, which came after a month-on-month decline of 0.3% in October 2023.

On a non-seasonally adjusted basis, the average UK house price dropped by 0.8% in November 2023, after a month-on-month decline of 0.6% in October 2023.

Looking at different regions, the average house price, which came to £302,000 in England, dropped by 2.9% over the 12 months to November. This is a decline from a fall of 1.7% in the 12 months to October and is the largest fall since 2009.

All English regions saw an annual house price drop with the largest declines recording in London, the South West and The West Midlands at negative 6%, negative 4.1% and 3.4% respectively. The North East had the lowest annual price drop at minus 0.4%.

In Scotland, the average house price increased by 2.2% over the same period, up from 0.5% rise in October. The average house price was £104,000.

Wales’ average house price dropped by 2.4% in the 12 months to November 2023, up from a 3.3% drop in October. The average house price in Wales came to £213,000.

In Northern Ireland the average house price increased by 2.1%, with the average house price at £180,000.

Tony Hall, head of business development, Saffron for Intermediaries, said that it was important to remember that the data was from November and in an “ever-changing market”, two months was a “long time”.

He added that the market was “seeing a much more positive picture now than this data suggests”.

Hall said: Less volatile swap rates and a measured approach to the base rate from the BoE is encouraging competition among mortgage lenders and driving prices down. This in turn is encouraging aspiring homeowners and movers into action and driving market activity.

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