House price growth slows as living costs tighten
The average house price in the UK fell for the fourth month in a row in December, as the rising cost of living and higher interest rates hit home.
December prices fell by 1.5% compared to November, meaning the average house price is now £281,272, said Halifax. The bank said uncertainty about how the cost of living will impact household bills, as well as rising interest rates, is slowing the housing market.December's monthly fall was lower than the decline of 2.4% seen in November, even taking into account the expected seasonal slowdown, said Halifax mortgages director Kim Kinnaird.
On an annual basis house prices grew by 2% compared with December 2021 - the slowest rise since late 2019.Ms Kinnaird said: "As we enter 2023, the housing market will continue to be impacted by the wider economic environment and, as buyers and sellers remain cautious, we expect there will be a reduction in both supply and demand overall, with house prices forecast to fall around 8% over the course of the year.
Belgique Dernières Nouvelles, Belgique Actualités
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