Date Published 14 January 2023
According to Halifax the average house price has fell a further 1.5% in December and that comes on top of a 2.4% fall in November, 0.4% decrease in October and a 0.1% dip in September.
The typical UK property now costs £281,272 which is down from £285,425 last month with the rate of annual growth slowing in each of the nations and regions of the UK. From August this is 4.3% below the record high of nearly £294,000, although this is still above the price at the start of 2022.
During the first six months of 2022 house prices grew rapidly between January 2022 and August 2022, the average cost of a home rose by over £17,000 a growth of 6%, before levelling off in the summer and dropping from September onwards. Halifax, which is part of Lloyds Banking Group, the UK's biggest high street bank, last month predicted house prices will fall around 8% over the course of 2023.
Kim Kinnaird, the director of Halifax Mortgages, says: '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. It's important to recognise that a drop of 8% would mean the cost of the average property returning to April 2021 prices, which still remains significantly above pre-pandemic levels.'
