The cost of a London home rose by 2.9% in December, according to the latest annual Halifax house price index. The price growth was smaller than the 5% recorded in November, bringing the average cost of a home in the capital to £541,239.
Month-on-month, house prices across the UK fell by 1.5% last month. Kim Kinnaird, director of mortgages at the bank, 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.”
According to her forecasts, 2023 could see a reduction in both supply and demand for housing with prices falling by around 8 per cent over the year. However, she added that it was, “important to recognise that a drop of 8 per cent would mean the cost of the average property returning to April 2021 prices, which still remains significantly above pre-pandemic levels.”
For Nathan Emerson, Chief Executive of industry body Propertymark, the new year means positive news for the market with buyers and sellers able to take advantage of more “sensible” conditions.
“Buyers are entering a less competitive market with competition dropping by over a third, which works well in their favour,” he said. “But for sellers, house prices are still approximately 6 per cent higher than this time last year, meaning they will see a comfortable gain when looking to move.”
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
The Halifax house price index marks its 40th anniversary this January. When it was first compiled in 1983, the average UK house cost £26,188 or £36,056 in London.
Read more detail on the latest figures on the and in City AM and Property Reporter websites.
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