UK House Prices Dip 2.1% in November 2023: Largest Fall Since 2011

The latest UK House Price Index reveals a significant dip in average house prices, marking a 2.1% decrease in the 12 months leading to November 2023. This figure, a provisional estimate, reflects a notable drop from the revised estimate of -1.3% in the previous month. The average UK house price now stands at £285,000, down £6,000 from the previous year.

Across the nations, England experienced a 2.9% decrease, with the average house price at £302,000. Wales saw a 2.4% drop to £213,000, while Scotland bucked the trend with a 2.2% increase, reaching £194,000. Meanwhile, Northern Ireland witnessed a 2.1% rise to £180,000 in the year to Quarter 3, 2023.

London bears the brunt of the decline among English regions, suffering a 6.0% fall—the steepest drop nationally. Conversely, the North East displayed resilience with the smallest decrease at 0.4%. The pandemic’s lingering impact on housing transactions, coupled with lower transaction volumes, contributes to the ongoing volatility in the market.