UK house prices increased for the third successive month in December, largely reflecting a shortage of properties, while they are expected to slump this year, the results of a survey by the Lloyds Bank subsidiary Halifax and S&P Global showed on Friday.
In December, the cost of an average UK home rose for the third month in a row to £287,105, up 1.1% or £3,066, in November, reaching the highest level since March 2023. This is according to the lates Halifax House Price Index which also shows that the housing market beat expectations in 2023 and grew by 1.7% on an
House prices in the UK have continued to rise faster than incomes despite the economic turmoil of the COVID-19 pandemic and the inflationary crisis. However, they are predicted to fall now, leaving homeowners in negative equity limbo.
(Bloomberg) UK house prices may weaken further in 2024 after a 1.8% drop this year, one of the country’s biggest mortgage lenders predicted.Most Read from BloombergThe Late-Night Email to Tim Cook That Set the Apple Watch Saga in MotionBridgewater CEO’s Past Office Romance Led to Favoritism ClaimsL’Oreal Heir Francoise Bettencourt Meyers Becomes First Woman With $100 Billion FortuneMaine Bars Trump From State’s 2024 Presidential Primary BallotChinese Carmaker Overtakes Tesla as World’s Most P