For the last three months, the house prices have been falling at a staggering rate while the price growth slowed down to 4.7 percent per annum since last summer.
The biggest drop could be seen in November when the average property price decreased to £285,579 from £293,992, which was the peak in August.
Mortgage provider, Nationwide, has reported the largest monthly fall in house prices since June 2020, and according to Halifax, what we're witnessing is the fastest property price decline since the financial crisis of 2008.
“Some potential home moves have been paused as homebuyers feel increased pressure on affordability,” says director at Halifax Mortgages, Kim Kinnaird.
The only region where the rate of annual growth has not slowed in last month was the North East. And even though mortgage rates have dropped, homebuyers are still facing higher borrowing costs while the Bank of England heads for the speediest inflation rate in four decades.
Source: Financial Times