House prices continue to fall – November house price Index from e.surv for England and Wales

November house prices continue to fall – e.surv (England and Wales)

• Cash and mortgage data show average prices decline by an annual -4.6%
• But monthly trend is easing and some hot spots – Merseyside, Lancashire and Cheshire East – all reach new record price levels
• Transactions at lowest levels in last seventeen years
• Average house price £358,337, down 0.7% on October, down 4.6% annually

Richard Sexton, Director at e.surv, comments: “Our report uses both mortgage and cash data in its assessment of the England and Wales housing market. On an annual basis, the average sale price of completed home transactions using cash or mortgages in England and Wales in November 2023 fell by some £17,250, or -4.6%, and now stands at £358,337.

“This drop follows almost fifteen months of slow decline, from a peak growth rate of +12.7% in August 2022. But as with all averages the picture beneath headline figure is far more nuanced.

“The differing changes in price growth across England and Wales reflect the diverse nature of the property markets across both countries. When we look at what’s happening on a monthly basis, there were two of the ten government regions with price increases, namely the North West, +0.5%, and the North East, +0.3% and eight with price falls – the largest being Yorkshire and the Humber at -1.2%, with the East Midlands, the East of England, and the South East each at -1.1%.

“While we were ever hopeful last month, there was predictably little in the Autumn Statement for the market which needs more fundamental thinking than a short-term shot in the arm. The government is still keen to avoid fuelling inflation with housing giveaways but, given the possibility of an election in Spring next year, it’s likely measures short-term or otherwise have been held back till the March 2024 Budget.“

e.surv Acadata House Price Index (England and Wales) – November 2023