UK house prices fall the most in more than 10 years
In November last year, the average property price in the UK fell by 6,000 pounds (approximately HK$59,500) year-on-year, the largest decline in more than a decade.
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According to data from the Office for National Statistics (ONS), as of November last year, UK house prices fell by an average of 2.1% to £285,000, which was the largest year-on-year decline since 2011.
London was the region with the largest decline, with property prices falling sharply by 6% year-on-year.
House prices fell across England and Wales, but rose in Scotland and Northern Ireland.
In November 2023, the average house price in England fell by 2.9% year-on-year to 302,000 pounds, and in Wales fell by 2.4% to 213,000 pounds.
The average house price in Scotland rose to £194,000, an increase of 2.2% year-on-year. Average house prices in Northern Ireland increased by 2.1% year-on-year to £180,000.
In England, average house prices fell by 0.4% in the North East, the smallest fall over the period.
A real estate agent boss said that prospective buyers are waiting and waiting, hoping to get a mortgage at a cheaper interest rate later.
Nick Leeming, chairman of Jackson-Stops, said: “The data released today shows that conditions were tough at the end of last year, and buyers paused looking at properties to see how mortgage rates would react as inflation falls again. The housing market in 2023 will be characterized by mortgage stress. And buyers have changed from fierce competition among many people to a smaller number of people who are more eager to buy a property.”
Aimee North, head of housing market indices at the ONS, said: “The year-on-year fall in house prices continues to accelerate, with the average cost of a house falling at the fastest pace in 12 years.
“At the same time, annual rent growth remains at record-breaking levels across the country.”
As of December 2023, private rental prices increased by 6.2% year-on-year.
Rents in Wales had the largest annual increase, rising 7.1% year-on-year in the year to December, down only slightly from the 7.3% year-on-year increase in the year to November. Rents in Scotland rose by 6.2% over the period and in England by 6.1%.
As of December 2023, private rents in London increased by 6.8% year-on-year, slightly lower than the record-breaking 6.9% year-on-year increase as of November.
(Translated from Yahoo Finance UK)
2024-01-18 06:02:42
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