House prices fall at rapid rate

The ONS House Price Index for November 2023 indicates that average house prices in the UK decreased by 2.1% in the 12 months to November, compared to a drop of 1.3% in the 12 months to October 2023.

  • The average house price in November 2023 stood at £285,000, down £6,000 year-on-year.
  • Over the 12 months to November 2023, average house prices decreased by 2.9% in England to £302,000, decreased by 2.4% in Wales to £213,000, but increased by 2.2% in Scotland to an average of £194,000.
  • Northern Ireland saw a 2.1% increase in average house prices to £180,000 in the year to Q3 (July to September) 2023.
  • The North East experienced the smallest decrease in average house prices in England during this period, down 0.4%, while London saw the largest fall, down 6%.
  • Experts suggest that realistic pricing from sellers, mortgage affordability pressures, and a shift in buyer pool dynamics have contributed to the observed trends.
  • Despite the decrease in house prices, there are expectations of increased activity in the property market in 2024, driven by stable or falling interest rates, competitive mortgage rates, and growing consumer confidence.
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