On 6 January 2023, Halifax published its December House Price Index. The house price index revealed that average house prices decreased by 1.5% each month meaning that the average rate of house annual price growth now is just 2.0%.
This provides evidence of a widely expected dip in values. Halifax concluded that all nations and all regions have seen slower annual growth. This is primarily due to the greater uncertainty caused by the cost-of-living crisis which is contributing to the slowing of the market.
The Halifax House Price Index shows that at the beginning of 2023, the housing market will remain affected by the economic climate and since more people will be cautious when buying and selling property, it is expected that there will be a significant decrease in demand and supply. It is also predicted that house prices will drop by approximately 8% throughout the year.
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