UK house prices post biggest quarterly drop since 2009: Halifax

The average house price fell 1.5% month-on-month in December, following a 2.4% fall in November and marking the fourth consecutive monthly decline, Halifax said.

"Uncertainties about the extent to which cost of living increases will impact household bills, alongside rising interest rates, is leading to an overall slowing of the market," Halifax director Kim Kinnaird said. House prices surged during the COVID-19 pandemic as people rushed to buy bigger homes with gardens, fuelled by temporary tax incentives.

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Mortgage demand falls in December to the lowest level since 1996Mortgage applications fell 13.2% in the latest week, the Mortgage Bankers Association said. The average rate for a 30-year mortgage is 6.58% And yet homes will not get any cheaper. Rightfully so. These rates are atrocious. Because interest rates are too damn high! Why is this a mystery to finance folks. Math is your specialty! Rates went from 2.5% - 3.75% to now well over 7%. On average we're talking $400 per month more on mortgage & rent payments.
Source: MarketWatch - 🏆 3. / 97 Read more »