2 publishers · first seen Fri, 06 Nov 2026 03:56 UTC · updated Fri, 06 Nov 2026 12:54 UTC
UK house prices experienced their steepest annual decline in three years in October, with a 1.2% drop compared to the previous year, according to Lloyds Bank. The average property price in the UK now stands at £296,285, following a 0.6% decrease from September. London saw the largest annual drop, with prices falling by 3.1% to an average of £524,892. Despite the overall decline, some regions, including Northern Ireland, Scotland, and the North West, saw property values increase. The Bank of England raised its base rate to 4% in an effort to combat inflation, which has been exacerbated by the conflict in the Middle East. High mortgage rates and rising energy costs have contributed to the challenging economic environment, making buyers more cautious. Experts suggest that while conditions may remain subdued in the near term, a sustained period of falling house prices is not expected.
Content auto-generated. May contain inaccuracies.