Average house price annual inflation was negative 1.4% in the 12 months to December 2023, compared with negative 2.3% (revised estimate) in the 12 months to November 2023, according to the latest data from the Office for National Statistics (ONS).
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The average UK house price was recorded at £285,000, which is £4,000 lower than 12 months ago.
Average house prices in the 12 months to December 2023 decreased in England to £302,000 (negative 2.1%), decreased in Wales to £214,000 (negative 2.5%) and increased in Scotland to £190,000 (3.3%).
The average house price increased in the year to Q4 (October to December) 2023 to £178,000 in Northern Ireland (1.4%).
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On a non-seasonally adjusted basis, average UK house prices increased by 0.1% between November 2023 and December 2023, compared with a decrease of 0.8% during the same period 12 months ago.
Of English regions, annual house price inflation was highest in the North West, where prices increased by 1.2%.
London was the English region with the lowest annual inflation, where prices decreased by 4.8% in the 12 months to December 2023.
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Source: The Intermediary