UK house prices rise 10.3% year-on-year in November - ONS

LONDON – British house prices rose by 10.3% in November compared with the same month in 2021, the Office for National Statistics (ONS) said on Wednesday, slowing from October’s revised 12.4% rise.

London saw the lowest annual increase of all English regions with prices up 6.3%, the ONS said.

Other measures of Britain’s housing market have weakened recently with property prices falling in month-on-month terms as borrowing costs rise and households contend with the tightest squeeze on living standards in decades.

Economists polled by Reuters in November forecast that house prices would fall by 5% this year, while analysts at Japanese bank Nomura have predicted a 15% drop by mid-2024.