UK house prices fell in November by the most in at least 12 years as banks rationed loans and financial turmoil made consumers more wary of buying homes.

Home values in England and Wales, based on transaction data, fell -12.2% from a year earlier, the most since records began in 1996, according to Land Registry. Prices slipped -1.9% from October to £161,883.

In London, the cost of a home dropped -10.2% in November from a year earlier and -0.4% from October. Leading the declines were the districts of Richmond-upon-Thames in southwest London, Brent in the north of the capital, and Ealing in the west.

Sales volumes fell to 48,599 per month in the three months through September, declining -61% from a year earlier, the report showed.