UK house prices show first monthly decline since October 2021

Office for National Statistics data showed on Wednesday that UK house prices fell 0.3% between October and November, their first monthly fall in more than one year. This brought the annual growth rate to 10.3% in November, down from 12.4% in the previous month. The average UK house price was £295,000, slightly down on October’s record high of £296,000. Average house prices increased 10.9% over the year to £315,000 in England, 10.7% to £220,000 in Wales, 5.5% to £191,000 in Scotland and 10.7% to £176,000 in Northern Ireland. Prices fell most sharply in regions where they had risen the most over the course of the pandemic. For example, average prices in northeast England fell by 2.6%. At £163,000, the northeast also continued to be the location of the lowest average house price in England. London remains by the most expensive place to buy a house, with the average home worth £542,000 in November. That is only 6.3% more than the average value a year before, the lowest rate of annual inflation of any region. 

City AM (18/01/2023)   Daily Mail (18/01/2023)   Financial Times (18/01/2023)   The Times (18/01/2023)