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UK house prices fell at a steeper pace on an annual basis in October, according to government data on Wednesday
The Office for National Statistics said average house prices in the UK fell 1.2% in October from a year before. This was faster than the 0.6% annual fall in September, which was revised downwards from a 0.1% decline.
In England, the average house price fell 1.4% annually to £306,000. In Wales, it fell 3.0% to £214,000; however, in Scotland, it rose 0.2% to £191,000.
‘The North East was the only English region which saw an increase in average house prices in the 12 months to October 2023 (0.2%), while London saw the largest fall (negative 3.6%),’ the ONS noted.
The data comes from HM Land Registry records. The ONS said that available transaction volumes used to calculate the data have been ‘considerably lower’ than historical levels. This could result in larger-than-usual revisions in the coming months.
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