Annual Downturn in UK Housing Prices Marks Swiftest Decline Since 2011, ONS Data Reveals

According to recent data from the Office of National Statistics (ONS), UK house prices saw their most rapid annual decline since 2011 in November 2023. The figures indicate a 2.1% drop in the average sold price over the 12 months leading up to November. London witnessed the steepest decline of 6%, while the South West of England and other regions also experienced notable falls. Conversely, Scotland and Northern Ireland reported modest year-on-year increases of 2.2% and 2.1%, respectively. The North East of England showed resilience with only a 0.4% annual decline. It's important to note that the ONS house price index relies on Land Registry data, and these figures are provisional, subject to potential revisions. For further details, you can refer to the original article here.