UK House Prices Log Biggest Fall In 9 Months: Halifax
RTTNews 2023-09-07 10:18:57 • 2 mins
UK house prices declined at the fastest pace in nine months in August as rising mortgage rates and high inflation continue to weigh on housing affordability and demand.
House prices registered a monthly drop of 1.9 percent, following a 0.4 percent drop in July. This was the biggest fall since November 2022 and also marked the fifth consecutive decrease.
The year-on-year fall in house prices was 4.6 percent, which was also bigger than the 2.5 percent drop in July. The 4.6 percent decrease was the largest fall since 2009.
A typical home now costs GBP 279,569. Nonetheless, average prices remained about GBP 40,000 above pre-pandemic levels.
