Map: How house prices have fallen in your area as average cost of home at 12-year low

House prices across the UK fell by 2.1 per cent in the 12 months leading to November 2023

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The average cost of a home has fallen at its fastest rate for more than 12 years, according to official figures.

Property values in the UK were around £6,000 lower in November 2023 than a year earlier, according to the Office of National Statistics.

House prices fell by 2.1 per cent over the 12 months to November 2023 to reach £285,000 on average, the ONS said.

However, while house prices changed, the ONS also said private rental prices paid by tenants in the UK rose by 6.2 per cent in the 12 months to December 2023.

This interactive map shows the average house price around the UK in November 2023. Lighter shades on the map show the areas in the UK with the lowest prices and darker colours show the local authorities with the highest property values.

Readers can also search for their local authority in the table below to find out how house prices have been changing near them.

House prices typically fell across the year in England and Wales, but increased in Scotland and Northern Ireland.

Average house prices over the 12 months to November 2023 decreased in England to £302,000 (a 2.9% drop) and fell in Wales to £213,000 (down 2.4%).

The typical property value increased in Scotland to £194,000 (a 2.2% annual rise).

Average house prices increased by 2.1% annually in Northern Ireland to £180,000.

Within England, the North East recorded the smallest decrease in average house prices in the 12 months to November 2023 (falling by 0.4%), while London saw the biggest drop in average house prices (down by 6.0%).

These figures come as the ONS recorded a surprise increase in inflation.

The rate of Consumer Prices Index (CPI) inflation accelerated to 4% in December, from 3.9% in November, but many economists had expected the rate to edge lower.

There are also concerns over the impact of the Red Sea shipping attacks on inflation, as it threatens to push up the cost of oil, gas and goods being imported to the UK.

Mortgage rates have been falling in recent weeks, with many lenders starting the new year by chopping rates. But some housing market experts said the acceleration in inflation could mean lenders are more cautious, as expectations of a Bank of England base rate cut are pushed back.

Frances McDonald, director of research at property agents Savills, said: “Today’s ONS house price index for November indicates that stretched mortgage affordability continued to place downward pressure on house prices in the final weeks of 2023.

“Looking ahead, there are encouraging signs that buyers are gaining confidence as mortgage rates fall, though today’s surprise inflation figures may push out expectations of a Bank of England base rate cut.”

Matt Smith, Rightmove’s mortgage expert, said: “Average (mortgage) rates had been falling pretty sharply, but this is likely this to slow as lenders take a more cautious approach over the next few weeks. The big picture is still positive for mortgage rates, with rates more stable and attractive for movers than a year ago.”