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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.".
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  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.

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    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.

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