FOREX TradingCharts.com

Financial News: UK House Prices Fall 4 Months Amid Squeeze

UK House Prices Fall 4 Months Amid Squeeze On Spending: Halifax

01/06/2023 - 05:32:00 (RTTNews)

(RTTNews) - House prices in the United Kingdom declined for the fourth successive month in December, as the increasing cost of living along with high interest rates led to an overall slowdown in the housing market, survey data from the Lloyds Bank subsidiary Halifax showed on Friday.

The house price index dropped 1.5 percent month-on-month in December, following a 2.4 percent decrease in the prior month.

Meanwhile, annual growth in house prices eased further to 2.0 percent in December from 4.6 percent in November.

"As we enter 2023, the housing market will continue to be impacted by the wider economic environment and, as buyers and sellers remain cautious, we expect there will be a reduction in both supply and demand overall, with house prices forecast to fall around 8 percent over the course of the year," Kim Kinnaird, director at Halifax Mortgages, said.

Uncertainties about the extent to which cost of living increases will impact household bills, alongside rising interest rates, continue to lead to an overall slowing of the market, as seen over the past few months, Kinnaird said.

The average property price was GBP 281,272 in December, down from GBP 285,425 in November.

Among regions, the North East experienced the greatest annual slowdown in growth, with a house price increase of 6.5 percent a year. Eastern England, West Midlands and Wales experienced the smallest falls in growth rate.

London house prices grew 2.9 percent annually, which was slower than the 5.0 percent increase in November.

Considering 2022 as a whole, the UK housing market was a mixed picture with a rapid price growth during the first half, followed by a plateau in the summer before prices began to fall from September, as the impact of cost of living pressures, coupled with rising rates, began to take an effect on household finances and demand, Kinnard added.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2023 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Australia Retail Sales Sink 3.9% In December (01 hr(s), 39 min(s), 21 sec(s) ago)
(RTTNews) - The value of retail sales in Australia was down a seasonally adjusted 3.9 percent on m ...Full Story»

Australia Retail Sales Data Due On Monday (03 hr(s), 50 min(s), 21 sec(s) ago)
(RTTNews) - Australia will on Monday release Q4 numbers for retail sales, highlighting a light day ...Full Story»

U.S. Service Sector Activity Rebounds Much More Than Expected In January (10 hr(s), 55 min(s), 21 sec(s) ago)
(RTTNews) - After reporting a contraction in U.S. service sector activity in the previous month, t ...Full Story»

Brazil's Service Sector Loses Growth Momentum Amid Inflationary Pressures (11 hr(s), 37 min(s), 21 sec(s) ago)
(RTTNews) - Brazil's service sector expanded at the weakest pace in twenty months amid rising ...Full Story»

U.S. Job Growth Far Exceeds Expectations In January, Unemployment Rate Drops To 53-Year Low (11 hr(s), 59 min(s), 21 sec(s) ago)
(RTTNews) - Job growth in the U.S. unexpectedly showed a substantial acceleration in the month of ...Full Story»

Hong Kong Retail Sales Rebound In December (12 hr(s), 44 min(s), 21 sec(s) ago)
(RTTNews) - Hong Kong's retail sales value rose in December as the economic sentiment improved ...Full Story»

U.S. Employment Spikes Much More Than Expected In January (12 hr(s), 43 min(s), 21 sec(s) ago)
(RTTNews) - Job growth in the U.S. unexpectedly showed a substantial acceleration in the month of ...Full Story»

Recovery In Eurozone Private Sector Eases Fear Of Recession (13 hr(s), 05 min(s), 21 sec(s) ago)
(RTTNews) - Eurozone private sector moved into the expansion zone in January for the first time in ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Australia Retail Sales Sink 3.9% In December

02/05/2023 - 19:41 PM (RTTNews)
(RTTNews) - The value of retail sales in Australia was down a seasonally adjusted 3.9 percent on m ...Full Story>>

Australia Retail Sales Data Due On Monday

02/05/2023 - 17:30 PM (RTTNews)
(RTTNews) - Australia will on Monday release Q4 numbers for retail sales, highlighting a light day ...Full Story>>

U.S. Service Sector Activity Rebounds Much More Than Expected In January

02/03/2023 - 10:25 AM (RTTNews)
(RTTNews) - After reporting a contraction in U.S. service sector activity in the previous month, t ...Full Story>>

Brazil's Service Sector Loses Growth Momentum Amid Inflationary Pressures

02/03/2023 - 09:43 AM (RTTNews)
(RTTNews) - Brazil's service sector expanded at the weakest pace in twenty months amid rising ...Full Story>>

U.S. Job Growth Far Exceeds Expectations In January, Unemployment Rate Drops To 53-Year Low

02/03/2023 - 09:21 AM (RTTNews)
(RTTNews) - Job growth in the U.S. unexpectedly showed a substantial acceleration in the month of ...Full Story>>

Do not sell my personal information

Copyright © 2023. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.