House prices in Britain will fall by 2 to 4 percent next year, according to mortgage provider Halifax, which attributes the fall to cost of living pressures.
House prices in the UK held up better than expected last year, falling just 1 percent year-on-year. The average house price in the UK was £283,615 in November.
Inflation is falling and mortgage rates have peaked, but other factors will continue to weigh on household purchasing power next year, said Kim Kinnaird, director at Halifax Mortgages.
Separately, mortgage provider Nationwide predicted that a rapid recovery in UK house prices was “unlikely” in 2024, saying they were likely to “decide in the low single digits or remain broadly flat”.
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