The average UK house price was £6,000 lower in November 2023 than 12 months earlier, according to the Office for National Statistics (ONS).

Property values fell by 2.1 percent over the 12 months to November 2023 to reach £285,000 on average.

Average house prices over the 12 months to November 2023 decreased in England to £302,000 (a 2.9 percent fall) and dropped in Wales to £213,000 (down 2.4 percent), but increased in Scotland to £194,000 (a 2.2 percent rise).

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

Frances McDonald, director of research at Savills, commented: “Today’s ONS house price index for November indicates that stretched mortgage affordability continued to place downward pressure on house prices in the final weeks of 2023.

“Looking ahead there are encouraging signs that buyers are gaining confidence as mortgage rates fall, though today’s surprise inflation figures may push out expectations of a Bank of England base rate cut.”

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