BREAKING NEWS: UK House Prices Drop - January 2023 | Property Investor Market Update

BREAKING NEWS: UK House Prices Drop - January 2023 | Property Investor Market Update

UK house prices drop for fourth month in a row.

The average house price in the UK fell for the fourth month in a row in December, as the rising cost of living and higher interest rates hit home.

December prices fell by 1.5% compared to November, meaning the average house price is now £281,272, said Halifax.

The bank said uncertainty about how the cost of living will affect household bills, as well as rising interest rates, is slowing the housing market.

It expects buyers and sellers to "remain cautious" over the coming year.

December's monthly fall was lower than the decline of 2.4% seen in November, even taking into account the expected seasonal slowdown, said Halifax mortgages director Kim Kinnaird.

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