According to official figures from the Office for National Statistics, the average UK house price has fallen at its fastest rate in more than 12 years. The average cost of a home has dipped by 2.1% in one year, falling to £285,000 in November 2023. This means that property is typically £6000 more affordable when compared to November 2022.
In October 2023, it was recorded that there was a modest drop of 1.3% in 12 months.
Despite appearances, this could signal an opportune time for buyers to get a good deal on a property.
In fact, the current UK property market has been described as a buyer’s market, with buyers having an advantage over sellers.