House prices fall for fourth consecutive month

Halifax has revealed that house prices across the UK fell for the fourth consecutive month in December. According to the latest figures, the average price of a home in the UK fell by 1.5% last month to £281,272. This leaves prices 2% higher than where they were this time 12 months ago and takes them back to where they were in February and March last year. Meanwhile, the annual rate of house price inflation fell for the sixth month in a row, having come in at 4.6% in November. It had hit 12.5% in June. Halifax said that all regions saw a slowdown in year-on-year house price inflation in December, while the northeast of England was the worst affected, with annual growth dropping to 6.5% from 10.5% in the previous month. The cost of an average home in London in December was £541,239, 2.9% up annually, compared to 5.0% last month. Kim Kinnaird, director of the Halifax mortgages division, said: “As we’ve seen over the past few months, uncertainties about the extent to which cost of living increases will impact household bills, alongside rising interest rates, is leading to an overall slowing of the market.” 

The Guardian (07/01/2023)   The Independent (07/01/2023)   The Times (07/01/2023)