Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
UK house prices fell at a steeper pace on an annual basis in November, according to Office for the National Statistics on Wednesday.
Average UK house prices fell by 2.1% in the year to November, according to a provisional estimate. This is down from a decrease of 1.3% in October, which was revised down from a 1.2% decline.
The ONS said this is the largest annual fall since 2011.
In England, the average house price fell 2.9% annually to £302,000. In Wales, it fell 2.4% to £213,000; however, in Scotland, it rose 2.2% to £194,000.
According to the ONS, the average UK house price was £285,000 in November, which was £6,000 lower a year ago.
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.
Copyright 2024 Alliance News Ltd. All Rights Reserved.