- Prior -0.1%
- House prices -2.4% y/y
- Prior -2.6%
This marks the fourth straight month that UK house prices have fallen, according to Halifax’s measure. It is a sign of the times as housing market conditions have certainly peaked with higher interest rates now weighing on sentiment and the outlook. Halifax notes that:
“The continued affordability squeeze will mean constrained market activity persists, and we expect house prices to continue to fall into next year. Based on our current economic assumptions, we anticipate that being a gradual rather than a precipitous decline. And one that is unlikely to fully reverse the house price growth recorded over recent years, with average property prices still some £45,000 (+19%) above pre-Covid levels.”