UK house prices drop for fourth month in a row in worst run since 2008 crisis

Meanwhile, wages are growing fairly rapidly – at about 7 per cent – so people might be able to spend more on their homes, he said. However, those pay rises are still lower than inflation.

All regions included in Nationwide’s survey of house prices recorded a slowdown in annual price growth in the final quarter of the year., while those in Scotland were the weakest performer. But the gap in the strongest and weakest performing regions is the smallest since the building society’s regional breakdown was introduced in 1974, indicating that the same trends are being seen across the UK.

“The steep monthly house price declines that followed the mini-Budget have reduced as mortgage market volatility calms down. However, borrowing costs have become more expensive as well as more stable, which will keep downwards pressure on prices,” he explained.

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'Worst run for house prices since 2008' as December sees further declineWhile the picture for prices remains downbeat, market conditions appear to have stabilised following the mini-budget turmoil which hit prices sharply in October. This idea that house prices should only go upwards is absolute twaddle though isn’t it, so this is fine actually. Hopefully they drop by at least 10%.
Source: SkyNews - 🏆 35. / 67 Read more »