The average UK house price was £6,000 lower in November last year, falling faster in over a decade.

Property values fell by 2.1% over the 12 months to November to reach £285,000 on average, according to the Office for National Statistics (ONS), the most significant drop since 2011.

London was the region with the most considerable annual decrease, with prices in the capital falling 6%.

House prices typically fell across the year in England and Wales but increased in Scotland and Northern Ireland.

Average house prices over the 12 months to November 2023 fell 2.9% in England to £302,000 and dropped 2.4% in Wales to £213,000.

 

The typical property value increased in Scotland to £194,000, representing a 2.2% annual rise.

Average house prices increased by 2.1% annually in Northern Ireland to £180,000.

In England, the North East recorded a 0.4% drop, the most minor decrease in average house prices from 12 months to November.

According to an estate agent boss, house hunters are putting their property searches on ice while they wait to see if they can get a cheaper mortgage deal.

Nick Leeming, chairman of Jackson-Stops, said: “The figures published today suggest a frosty end to the year with buyers putting their searches on hold to see how mortgage rates would react as inflation fell again. 2023 was defined by mortgage affordability pressures and a shift from immense competition towards a smaller, more committed buyer pool.”

Aimee North, head of housing market indices at the ONS, said: “The annual fall in house prices continues to accelerate, with the average cost of a home falling at its fastest rate for over 12 years.

Paul Mohamed, CEO of the Move Group, stated, Sellers shouldn’t be concerned; it’s not a loss if you change from a traditional estate agent who’s charging those more oversized fees to a more modern up, up-to-date agent where you can pay as little as 0.85% and have your legal fees covered too.

“Meanwhile, annual rent increases remain at record levels nationwide.”

Why pay more than 0.85%? And have all your legal fees covered! Oh, and no VAT!