UK house prices will fall by between 2 and 4 per cent next year, according to forecasts from mortgage provider Halifax, which blames cost of living pressures for the decline.
UK property prices have held up better than expected over the past year, falling by just 1 per cent on an annual basis, with the average UK house price sitting at £283,615 in November.
Inflation is declining and mortgage rates have come off their peak, but other factors will continue to weigh on households’ spending power next year, said Kim Kinnaird, director at Halifax Mortgages.
Separately, mortgage provider Nationwide predicted a rapid rebound in UK house prices in 2024 was “unlikely”, saying they were likely to “see low a single-digit decline or remain broadly flat”.
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