In November 2023, the housing market in England and Wales experienced a significant shift, with an average annual decrease of 4.6% in house prices, as reported by Acadata’s House Price Index. This marks a continuation of the downward trend observed over the past 15 months from a peak in August 2022.
Richard Sexton, director at e.surv, elaborates on this trend, stating: “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.”
Despite the overall decline, certain regions like Merseyside, Lancashire, and Cheshire East have reached new price highs. The diversity in the housing market is evident with price increases in the North West by 0.5% and the North East by 0.3%, contrasting with larger declines in other areas such as Yorkshire and the Humber at -1.2%.
Sexton adds: “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 report also highlights the lowest transaction levels in 17 years, indicating a cautious market environment.
