Average UK house price fell £2,000 in December compared to the month before
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The average house price in the UK fell by £2,000 in the month of December…
- The average house price in the UK rose by £26,000 over the year
- They fell by £2,000 in the month of December alone
- The median house price in the UK is now £294,000
The rate of growth in home prices slowed to single digits in the 12 months to December 2022, with real estate rising 9.8 percent over that period.
House prices rose by £26,000 over the year, according to the latest figures from the ONS, taking the average UK house price to £294,000. This is less than last month’s all-time high of £296,000.
However, house prices fell by 0.4 percent or £2,000 in December alone. This followed an increase of 0.2 percent in the previous month.
House prices rose by £26,000 over the year to December 2022, according to the ONS
Jeremy Leaf, a North London estate agent and former Rics residential chairman, says: ‘It is clear that the direction of the housing market is no longer sharply up, but not sharply down either.
These comprehensive but dated figures reveal the impact on prices of the ill-fated mini-Budget in the fourth quarter of last year.
‘Since then we have noticed that buyers are still hungry. However, they are stepping up their efforts and adjusting to an improving bargaining position as stabilizing mortgage rates and inflation bring more balance.”
Average house prices have fallen £15,500 since August, according to Nationwide, after mortgage rates rose for buyers late last year.
Most recently, Halifax reported that home price growth slowed to just 1.9 percent in January, but remained stable month-over-month.
Mortgage rates have been slowly falling since the beginning of the year and there are now a number of fixed interest rates below 4 percent on the market.
In addition, the number of mortgage products on the market has passed 4,000 for the first time since August last year, according to the latest data from Moneyfacts.
England, Wales and Northern Ireland all had double-digit house prices in 2021/22
Broken down by region, England and Wales both saw property prices rise by 10.3 per cent over the year, while prices in Northern Ireland rose by 10.2 per cent, with Scotland worst off with growth of just 5.5 per cent. 7 percent.
The average house price in England is now £222,000. The East Midlands saw the highest annual percentage change in the 12 months to December of 12.3 per cent, while London saw the lowest – 6.7 per cent – of any English region.
