UK house prices fall in October by most since 2011

LONDON (Reuters) – British house prices fell by 1.2% in the 12 months to October, the Office for National Statistics (ONS) said on Wednesday, the biggest annual fall since October 2011, as the housing market feels the hit from higher borrowing costs.

House prices in London fell by the most, down by 3.6% from October 2022.

The ONS’s gauge of private rents rose by 6.2% in the 12 months to November, the biggest annual increase since data collection started in 2016 and up from 6.1% in the 12 months to October.

(Reporting by William Schomberg; Editing by Sachin Ravikumar)