U.K. house prices in December dropped for a fourth consecutive month, the longest stretch since the 2008 financial crisis, lender Nationwide reported on Friday.Still, prices are now 2.5% below their August peak.
Annual house price growth in December fell sharply to 2.8% from 4.4% in November. Average house prices dropped by 0.1% month-on-month – “a much smaller decline” than prior months, said “While financial market conditions have settled, mortgage rates are taking longer to normalize and activity in the housing market has shown few signs of recovery,” said Robert Gardner, Nationwide’s chief economist.
Gardner added that he wouldn’t be surprised if potential house buyers waited until the new year to see how mortgage rates evolve, given long-term interest rates are heading back to the levels seen before the mini-budget in September.
More to come
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