UK house prices fell at the fastest pace in more than a decade in November, driven by a sharp decline in London, according to official data that reflects the impact of high interest rates on the property market.
Average prices contracted 2.1 per cent in the year to November 2023, compared with a 1.3 per cent fall in the 12 months to October and the largest annual drop since June 2011, the Office for National Statistics said on Wednesday.
House prices were down 0.8 per cent between October and November, taking the average property to ￡285,000, some ￡6,000 lower than in November 2022.
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