UK property market beats expectations in 2023

Halifax's House Price Index reveals that UK property values increased by 1.7% in 2023, beating expectations. While some regions experienced significant drops, others saw an increase, providing positive news for homeowners. Overall, average house prices rose by 1.1% month-on-month in December - the third consecutive monthly rise. The average house price in December 2023 was £287,105, up from £282,305 the previous year. Kim Kinnaird, director of Halifax Mortgages, attributes the growth to a shortage of properties on the market rather than buyer demand. Northern Ireland saw the biggest yearly increase in house prices by far. The average price of a home there in December 2023 was £192,153 - up 4.1%. Scotland was in second place, with the average price of a house there at £205,170 - up 2.6%. South East England recorded the biggest fall in prices. The average price of a home in the region in December was £376,804 - down 4.5%. 

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