The rate at which house prices are falling has accelerated, the latest house price index from the Office for National Statistics (ONS) has found.
In its latest index, the ONS revealed that the average house price dropped by 1.2% in the 12 months to October. That’s double the 0.6% drop in house prices recorded in the year to September, which was itself the first annual drop recorded by the ONS in a decade.
On a monthly basis, house prices were found to have dropped by 0.3%, following a 0.7% decline in September.
