In the year leading up to October, British house prices saw a significant decline of 1.2%, marking the sharpest annual fall since October 2011, as per the Office for National Statistics (ONS).
London experienced the most substantial drop, witnessing a 3.6% decrease compared to October 2022.
Conversely, the ONS reported a notable rise in private rents, with a 6.2% increase in the year up to November. This surge marked the highest annual hike since the inception of data collection in 2016, up from the previous 6.1% increase recorded in the 12 months leading to October.