Skip to main content

UK's house prices fell by 2.3%


The average price of a house in the UK fell by 2.3 per cent in November, marking the third consecutive month of decline and the biggest drop since October 2008, according to the latest index by Halifax, Britain’s biggest mortgage lender. The typical property cost £285,579 last month, down from £292,406 in October, as economic uncertainty and the rising cost of living continued to eat into consumers’ appetite for big purchases. House prices are still 4.7 per cent higher than they were in November last year, but the yearly rate of growth has slowed significantly from the 8.2 per cent recorded in October. Some buyers had paused their decision to move house because of "increased pressure on affordability" and industry data suggested that many buyers and sellers were "taking stock while the market continues to stabilise," she said.


The rate of yearly growth in house prices fell in all UK regions apart from the northeast of England, where it remained in double digits. However, the average property price in the area is much lower than the nationwide average at £173,587. The average in London was £549,160 in November, with year-on-year growth slowing to 5.2 per cent, down from 6.6 per cent in the previous month. ""The sharp fall in house prices in November raises the risk house prices adjust before there is a material drop back in mortgage rates.

" Increasingly, our forecast of a 12 per cent peak-to-trough fall in house prices feels like it is towards the more optimistic end of the spectrum of possible outcomes.".
Labels:

Comments

  1. Adriana7 December 2022 at 15:42

    House prices are very high in some areas in the UK and less and less people are considering buying a house there. It's going to take a lot more than just a 2.3% fall to get more buyers here.

    ReplyDelete
    Replies
    1. Brianna7 December 2022 at 16:13

      I don’t see the housing market doing very well in the first half of 2023. People have a lot of issues with the current price hike for most items from food and gas to energy and are not even considering getting a new house in these conditions.

      Delete

Post a Comment

Cloud Bookkeeping

HS2 cost cuts new routes and add delays.

 Trans­port depart­ment offi­cials have begun work on «Project Sil­ver­light» sug­gest­ing the high­speed rail scheme might face four addi­tional years of delay. The planned High Speed 2 rail line faces fur­ther delays of up to four years and more cuts to the project under plans being drawn up by min­is­ters to rein in its bal­loon­ing costs. The extra delays to the coun­try’s biggest infra­struc­ture project would mean that it would not be com­pleted until as late as 2045 — 12 years after ori­gin­ally planned. «This is a func­tion of infla­tion; we are hav­ing to find huge sav­ings because the cost of everything the depart­ment is already doing will have become so much more expens­ive by then,» said one gov­ern­ment offi­cial. In Octo­ber, the FT repor­ted that the Treas­ury had asked HS2’s man­age­ment team to identify poten­tial cuts or «scope reduc­tions» to the high-speed line. Trans­port depart­ment offi­cials have sub­sequently begun work on Project Sil­ver­light aimed at fi...
4 comments
Read more

Small business will be excluded from fraud law.

  Min­is­ters are plan­ning to exclude small busi­nesses from anti-fraud legis­la­tion by nar­row­ing the scope of a crim­inal offence tar­get­ing com­pan­ies that fail to pre­vent eco­nomic crimes. MPs and anti-cor­rup­tion cam­paign­ers had hoped the gov­ern­ment would seek to amend the eco­nomic crime and cor­por­ate trans­par­ency bill to ensure the new offence covered all com­pan­ies. The plans to limit the scope of the amend­ments will also dis­ap­point those who had hoped the legis­la­tion would remove key hurdles to the pro­sec­u­tion of white-col­lar crime. A new «fail­ure to pre­vent» offence for fraud would bring it in line with exist­ing sim­ilar cor­por­ate offences for bribery and tax eva­sion. At present, pro­sec­utors need only prove that organ­isa­tions lacked «reas­on­able» or «adequate» con­trols to pur­sue the offence in bribery and tax eva­sion cases. «It would be much more sens­ible for the gov­ern­ment to provide strong guid­ance for SMEs on what these pro­ce...
3 comments
Read more

Doubt on CS's collateral.

  Credit Suisse provided an emergency $140mn loan to Greensill Capital based partly on invoices to companies that deny ever doing the business stated on the documents. The Swiss bank provided the loan in October 2020, less than five months before the collapse of Greensill, a supply chain finance firm that counted former British prime minister David Cameron as a senior adviser. Invoices issued by metals magnate Sanjeev Gupta’s Liberty Commodities and sold to Greensill formed part of the collateral for the loan, according to documents seen by the Financial Times and people familiar with the transaction. Yet several of the parties named on the invoices have told the FT they did no business with Liberty. GFG has consistently denied any wrongdoing. Credit Suisse’s loan had a clause dictating that the collateral value had to be equal to or greater than the $140mn borrowed. The terms of the debt agreement only allowed invoices on Green-sill’s balance sheet to count towards this tally if t...
2 comments
Read more