UK house price growth eases in November - ONS
By Michele Maatouk
Date: Wednesday 18 Jan 2023
(Sharecast News) - UK house price growth eased in the year to November, according to figures released on Wednesday by the Office for National Statistics.
Property prices rose 10.3%, down from 12.4% in October. The average price stood at £295,000, up £28,000 on the same month a year earlier, but down on October's record high of £296,000.
The ONS said the North West saw the highest annual percentage change in the year to November, at 13.5%, while London saw the lowest of all English regions at 6.3%.
Barret Kupelian, senior economist at PwC, said: "We expect house prices to continue to decrease by around 8% this year.
"This trend is also broadly consistent with what we are seeing in other advanced economies that are also trying to cope with low economic growth, high inflation and tightening financial conditions. Our analysis shows the UK housing market is middle-of-the pack for its risk exposure to a prolonged housing market downturn relative to other advanced economies."
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