House prices in Britain fell at their fastest rate in more than a decade during the year to November, according to the Office of National Statistics (ONS).
The average UK house price dropped 2.1% in the 12 months to November 2023, the ONS said on Wednesday.
UK houses sold for about £285,000 in November, which was £6,000 less than the average price paid for a house during the same month a year earlier.
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.”
Meanwhile, annual rental costs continued to rise at record levels across the region, she added.
Private rental prices increased by 6.2% in the year to December 2023, with London prices registering the biggest annual rise, the ONS said separately today, marking the release of its index of private housing rental prices for the UK market.