UK housing market: prices expected to dip in 2023

Halifax is predicting that UK house prices will fall by 8% in the year ahead. The average house price increased by 23%, or nearly £55,000 in cash terms, between March 2020 and August 2022. To put the predicted 8% fall in house prices into perspective, the bank's homes director Andrew Asaam said: "Such a fall would place the average property price back at roughly the level it was in April 2021, reversing only some of the gains made during the pandemic." Surging living costs, including some mortgage outgoings, and expectations that unemployment will also rise will add to the challenges the housing market faces. 

City AM (02/01/2023)   Daily Star (02/01/2023)   The Independent (02/01/2023)   The Sun (02/01/2023)