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Official: UK house prices fell between October and November

Christina Hoghton
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Christina Hoghton

Despite the dip, property prices were still up by over 10% in the year to November

The average UK house price decreased by 0.3% between October and November 2022 to £295,000, according to the Office for National Statistics.

The figures are based on completed sales registered with HM Land Registry, so are considered more accurate than other measures, although they do lag the current market by a few months.

Prices may have started to drop, but in November they were still up by 10.3% annually compared to November 2021.

Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, said: “House prices dropped between October and November, and while they were still up 10.3% in a year, there’s every sign that the days of double-digit house price rises are numbered. Unfortunately, this is just the overture to the depressing dirge the market will be dancing to in the months to come.

“This is an incredibly difficult time to be making buying or selling decisions. If you take the plunge now, there’s a risk you may be over-stretching yourself for a property that’s likely to lose value. You may also be fixing yourself into a more expensive mortgage than you could get by holding off for a few months.

“However, if you hang on, it means staying somewhere you’re not happy, with no idea of how far or how fast either prices or mortgage rates will fall. Some people will want to wait to see where we are by the spring, while others will buy now – and use the opportunity to negotiate a chunky discount on the asking price.”

Jack Roberts, CEO of home moving platform SlothMove, added: “The big chill is on. Property prices are slipping down across the UK and most buyers are happy to bide their time, hoping for bigger discounts to come.

“At some point a thaw, perhaps brought by the burgeoning battle in mortgage rates slowly coming back down to earth, will bring them back. But with inflation still so high we’re unlikely to see significant cuts in borrowing costs at this stage.”