Latest data from the Office for National Statistics (ONS) shows that in November 2022, on average, house prices fell by 0.3% month-on-month.
On an annual basis, price rose by 10.3% which makes the average property in the UK valued at £294,910.
The regional data for England indicates that the North West experienced the greatest annual price rise, up by 13.5%, while the East of England experienced the greatest monthly growth, with an increase of 0.6%.
London saw the lowest annual price growth, with an increase of 6.3%. Meanwhile, the North East saw the most significant monthly price fall, with a movement of –2.6%.
Emma Cox, managing director of real estate at Shawbrook, said: “The positive spell we’ve seen in the markets as of late will help to shine a ray of hope for the property market in 2023, but today’s house price figures show there’s still some catching up to do. November’s positive 0.1% GDP growth and the rallying of the FTSE to record highs will certainly help to improve confidence among buyers and sellers, and we expect this will be reflected in transaction activity in coming months. Nevertheless, there are still many first-time buyers feeling the effect of inflation and rising energy costs, which are hampering their ability to get onto the property ladder.
“If the economy continues on its positive trajectory into the next quarter, it could signify a ‘light at the end of the tunnel’ for first-time buyers, but landlords will also need to pay close attention as competition could soon return to the market. The seeds of economic improvement quickly spread, and I expect we’ll see many professional landlords working hard to provide a compelling rental offer for tenants in a busy lettings market whilst growing their portfolios with new purchases.”
