National house prices fell by 1.2% annually in October, the steepest annual decline recorded in three years. According to the latest figures from Lloyds, values also slipped by 0.6% on a monthly basis, taking the average UK home price to £296,285. It is the sharpest fall since October 2023, driven largely by pressure across southern England. The local picture is more settled, and there is plenty here for sellers and buyers to work with.
Borrowing costs remain high. Andrew Asaam, Mortgages Director at Lloyds, pointed to an unsettled global backdrop and persistent cost-of-living pressures as the main factors dampening buyer confidence. Asaam noted that renewed inflationary pressures, partly fed by ongoing conflict in the Middle East, continue to test affordability. For buyers, the practical message is to have finances and mortgage plans in order before they start bidding.
The headline fall masks sizeable differences between regions. The southern half of England saw most of October’s decline. Greater London registered the sharpest drop, where average values fell 3.1% year-on-year to £524,892. The South East and South West saw matching annual declines of 2.4%.
Further north and across the devolved nations, the picture looks considerably different. Northern Ireland stayed at the top of the UK performance table with annual price growth of 4.4%, even if that pace has eased back from 6.9% in September. Scotland recorded average price growth of 2.8%, while Wales grew by 1.6%.
Against this national backdrop, the Norfolk and Suffolk market looks steadier. Across 603 local market areas, completed transactions logged by HM Land Registry over the twelve months to 30 September 2026 show an average sold price of £303,896 across 41,390 recorded sales. That is down 1.0% on the annual figure, based on 40,849 comparable sales from the preceding period.
A dip of 1.0% is modest. It is gentler than the 2.4% fall recorded for the South East or London’s 3.1%, so East Anglia has so far seen a smaller correction than the southern regions.
The asking and sold figures sit close together. On 8 November 2026, the average asking price across 24,786 properties on the market stood at £304,937. That is £1,041 above the £303,896 average completed sold price. The two numbers measure different things: one is what homes are listed at today, the other is what they sold for over the past twelve months. For sellers, a recent run of completed sales in your own area is the best guide to a price that attracts buyers.
Of the 24,786 homes currently available across Norfolk and Suffolk, 36.5% are marked as sold subject to contract. More than a third of the homes on the market already have a sale agreed, which is a steady figure when set against wider economic hesitation. That share measures homes under offer, not how quickly sales complete.
Nathan Emerson, Chief Executive of Propertymark, observed that wider economic concerns are naturally feeding into headline prices following months of consumer affordability strains. Yet when properties are priced accurately from day one, buyers step forward.
The current adjustment is manageable. As Andrew Asaam pointed out, house prices have altered comparatively little over the past two years as buyers and lenders have adapted to higher interest rates. With domestic earnings rising faster than property prices, the gap between income and debt is gradually closing. For buyers and sellers across Norfolk and Suffolk, the market is not tumbling. It is settling at a steady pace, and realistic expectations help deals complete.
