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7 November 2022 | Other

UK house prices fall at the sharpest pace in nearly two years

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The fall in UK house prices was the fastest in almost two years. A hazy economic outlook and higher credit rates have led to lower demand.

According to mortgage lender Halifax, the last month, the cost of housing fell by 0.4%. It’s the third fall within four months. The annual growth rate also decreased from 8.3% to 9.8%.

As Halifax Mortgages head, Kim Kinnaird admitted, rising prices, together with declining mortgage availability, will increasingly take down levels of activity. Realtors expect that prices in the British real estate market will slow down their growth. It may be zero for a year.



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