UK Home Prices See Largest November Drop in 5 Years, Though Falling Less Than Expected

Asking prices for UK homes fell 1.7% in November, the largest drop for that month in 5 years, according to Rightmove data. The average asking price is now £362,143.

While prices have fallen from their peak earlier this year, the drop has been smaller than expected - average asking prices are just 3% below May's level.

The number of sales agreed is 10% below 2019 levels, but improving from a 15% gap last month, while the number of properties for sale is now only 1% behind 2019.

Business optimism has fallen to its lowest level this year in the UK, though inflation expectations have eased according to an Accenture/S&P Global survey.

BAE Systems has reported £30bn in sales so far this year, and is sticking to its improved earnings forecasts of 6-8% growth.