UK home costs have fallen for the fourth consecutive month as rising borrowing prices hit family funds, in keeping with information revealed on Friday.
Common home costs dropped 1.5 per cent between November and December, mentioned mortgage supplier Halifax. The decline marks a slowdown from the two.4 per cent drop recorded between October and November.
The annual price of home worth progress slowed to 2 per cent, down from 4.6 per cent within the earlier month.
The standard property price within the UK fell to £281,272 in December, down from £285,425 in November.
“Uncertainties concerning the extent to which price of residing will increase will impression family payments, alongside rising rates of interest, is resulting in an total slowing of the market,” mentioned Kim Kinnaird, director at Halifax Mortgages.
Mortgage charges, which replicate expectations of medium-term borrowing prices, have surged prior to now few months, following a sequence of rate of interest rises by the Bank of England in an try and deal with excessive inflation.
