The average price of a house in the UK was £3,000 lower last month than it was in May 2022.
The UK has recorded its first annual contraction in house prices in more than 10 years after rising interest rates piled pressure on mortgage borrowers, new research from Halifax shows.
However, the average price of a house in the UK is still £25,000 higher than it was two years ago, and £5,000 higher than the level recorded at the end of last year. Separate figures published by UK Finance showed that mortgage arrears continued to rise in the first three months of the year as borrowers struggled to keep up with rising repayments.
Forecasts published by the consultancy expect the average quoted mortgage rate to rise from 4.3% in April to 5.7% by the end of the year, with the economy set to enter a recession, defined as two consecutive quarters of negative growth.
Belgique Dernières Nouvelles, Belgique Actualités
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