UK property prices fall at fastest rate in over 12 years

The average cost of a home in the UK has fallen at its fastest rate in over 12 years, with property values £6,000 lower than the previous year. House prices dropped 2.1% in the 12 months to November 2023, according to the Office for National Statistics (ONS). The fall in house prices continues to accelerate, with annual rent increases remaining at record levels. Average house prices decreased in England to £302,000 (a 2.9% drop) and fell in Wales to £213,000 (down 2.4%). The typical property value increased in Scotland to £194,000 (a 2.2% annual rise). Average house prices increased by 2.1% annually in Northern Ireland to £180,000. Within England, the North East recorded the smallest decrease in average house prices in the 12 months to November 2023 (falling by 0.4%), while London saw the biggest drop in average house prices (down by 6%). However, experts said the data was several months out of date and that confidence in the market had improved since. Separate figures from the ONS showed UK rental prices rose 6.2% in the 12 months to December 2023 - the joint highest annual percentage change since data collection began in January 2016.

Daily Mail (17/01/2024)   Financial Times (17/01/2024)   The Independent (17/01/2024)   The Times (17/01/2024)