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UK home costs decline in December, first drop since March 2024
(MENAFN) United Kingdom house prices saw a 0.2 percent decline in December compared to the previous month, marking the first drop since March 2024, according to data from mortgage lender Halifax released on Tuesday.
This followed a 1.3 percent increase in the month prior, the largest monthly rise since June 2022.
On an annual basis, house prices rose by 3.3 percent, falling short of the anticipated 4.2 percent increase.
The average house price in the previous month was £297,166 (USD373,260).
Amanda Bryden, head of mortgages at Halifax, noted that the decline in house prices was influenced by falling mortgage rates and income growth. In addition, she highlighted that demand continued to outpace supply, contributing to price increases.
Looking ahead to the new year, Bryden suggested that, as long as employment conditions don't worsen significantly, buyer demand should remain relatively stable. Moreover, she has anticipated modest house price growth for the year.
This followed a 1.3 percent increase in the month prior, the largest monthly rise since June 2022.
On an annual basis, house prices rose by 3.3 percent, falling short of the anticipated 4.2 percent increase.
The average house price in the previous month was £297,166 (USD373,260).
Amanda Bryden, head of mortgages at Halifax, noted that the decline in house prices was influenced by falling mortgage rates and income growth. In addition, she highlighted that demand continued to outpace supply, contributing to price increases.
Looking ahead to the new year, Bryden suggested that, as long as employment conditions don't worsen significantly, buyer demand should remain relatively stable. Moreover, she has anticipated modest house price growth for the year.
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