{"id":2856,"date":"2023-01-06T10:24:03","date_gmt":"2023-01-06T10:24:03","guid":{"rendered":"https:\/\/londonpost.news\/?p=2856"},"modified":"2023-01-06T10:24:03","modified_gmt":"2023-01-06T10:24:03","slug":"biggest-drop-in-uk-house-prices-since-the-financial-crisis","status":"publish","type":"post","link":"https:\/\/brusselsindependent.com\/fr\/economy\/business\/biggest-drop-in-uk-house-prices-since-the-financial-crisis\/2023\/01\/06\/admin1\/","title":{"rendered":"Biggest drop in UK house prices since the financial crisis"},"content":{"rendered":"

LONDON<\/span> (Reuters) January,6<\/span> –<\/span> British<\/span> house<\/span> prices<\/span> fell<\/span> in<\/span> December,<\/span> recording<\/span> their<\/span> biggest<\/span> quarterly<\/span> decline<\/span> since<\/span> the<\/span> financial<\/span> crisis<\/span> more<\/span> than<\/span> a<\/span> decade<\/span> ago,<\/span> data<\/span> from<\/span> mortgage<\/span> lender<\/span> Halifax<\/span> showed<\/span> on<\/span> Friday.<\/span>
\n<\/span>
\n<\/span>According<\/span> to<\/span> Halifax,<\/span> average<\/span> home<\/span> prices<\/span> fell<\/span> 1.5%<\/span> month-on-month<\/span> in<\/span> December,<\/span> the<\/span> fourth<\/span> straight<\/span> month<\/span> of<\/span> decline,<\/span> after<\/span> he<\/span> fell<\/span> 2.4%<\/span> in<\/span> November.<\/span>
\n<\/span>
\n<\/span>On<\/span> a<\/span> quarterly<\/span> basis,<\/span> home<\/span> prices<\/span> fell<\/span> 2.5%,<\/span> the<\/span> steepest<\/span> decline<\/span> in<\/span> the<\/span> three<\/span> months<\/span> to<\/span> February<\/span> 2009.<\/span>
\n<\/span>
\n<\/span>
\n<\/span>According to Halifax UK<\/span> house<\/span> prices<\/span> have<\/span> fallen<\/span> fastest<\/span> since<\/span> February<\/span> 2009.<\/span>
\n<\/span>\u00a0<\/span>
\n<\/span>Other<\/span> housing<\/span> market<\/span> indicators<\/span> also<\/span> show<\/span> a<\/span> sharp<\/span> slowdown<\/span> in<\/span> the<\/span> housing<\/span> market,<\/span> reflecting<\/span> rising<\/span> interest<\/span> rates<\/span> and<\/span> a<\/span> weakening<\/span> economy<\/span> as<\/span> households<\/span> struggle<\/span> with<\/span> rising<\/span> costs<\/span> of<\/span> living.<\/span>
\n<\/span>
\n<\/span>Bank<\/span> of<\/span> England<\/span> data<\/span> on<\/span> Wednesday<\/span> showed<\/span> lenders<\/span> approved<\/span> far<\/span> fewer<\/span> home<\/span> loans<\/span> than<\/span> expected<\/span> in<\/span> November.<\/span> Bond<\/span> market<\/span> turmoil<\/span> triggered<\/span> by<\/span> former<\/span> Prime<\/span> Minister<\/span> Liz<\/span> Truss’<\/span> short-term<\/span> tax<\/span> cut<\/span> plan<\/span> also<\/span> prompted<\/span> many<\/span> lenders<\/span> to<\/span> withdraw<\/span> their<\/span> mortgage<\/span> offers<\/span> in<\/span> October.<\/span>
\n<\/span>
\n<\/span>
\n<\/span>“Real<\/span> estate<\/span> prices<\/span> are<\/span> likely<\/span> to<\/span> continue<\/span> to<\/span> fall<\/span> for<\/span> the<\/span> foreseeable<\/span> future,”<\/span> said<\/span> Martin<\/span> Beck,<\/span> an<\/span> economist<\/span> at<\/span> consultancy<\/span> EY<\/span> ITEM<\/span> Club.<\/span>
\n<\/span>
\n<\/span>Halifax<\/span> expects<\/span> home<\/span> prices<\/span> to<\/span> fall<\/span> by<\/span> 8%<\/span> in<\/span> 2023,<\/span> which<\/span> would<\/span> mean<\/span> a<\/span> return<\/span> to<\/span> levels<\/span> last<\/span> seen<\/span> in<\/span> April<\/span> 2021.<\/span>
\n<\/span>
\n<\/span>Real<\/span> estate<\/span> prices<\/span> rose<\/span> immediately<\/span> after<\/span> the<\/span> outbreak<\/span> of<\/span> the<\/span> COVID-19<\/span> pandemic.<\/span> Temporary<\/span> tax<\/span> incentives<\/span> drove<\/span> a<\/span> rush<\/span> to<\/span> buy<\/span> larger<\/span> homes<\/span> with<\/span> gardens.<\/span>
\n<\/span>
\n<\/span>
\n<\/span>The<\/span> annual<\/span> rate<\/span> of<\/span> increase<\/span> in<\/span> house<\/span> prices<\/span> fell<\/span> to<\/span> 2.0%<\/span> from<\/span> 4.6%<\/span> in<\/span> November,<\/span> the<\/span> lowest<\/span> since<\/span> October<\/span> 2019,<\/span> according<\/span> to<\/span> Halifax.<\/span> Halifax<\/span> director<\/span> Kim<\/span> Kinnaird<\/span> said:<\/span> “As<\/span> the<\/span> housing<\/span> market<\/span> continues<\/span> to<\/span> be<\/span> impacted<\/span> by<\/span> the<\/span> broader<\/span> economic<\/span> environment<\/span> in<\/span> 2023,<\/span> and<\/span> buyers<\/span> and<\/span> sellers<\/span> remain<\/span> cautious,<\/span> both<\/span> demand<\/span> and<\/span> supply<\/span> will<\/span> continue<\/span> to<\/span> be<\/span> optimistic<\/span> overall.<\/span><\/p>","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) January,6 – British house prices fell in December, recording their biggest quarterly decline since the financial crisis more than a decade ago, data from mortgage lender Halifax showed on Friday. According to Halifax, average home prices fell 1.5% month-on-month in December, the fourth straight month of decline, after he fell 2.4% in November. […]<\/p>","protected":false},"author":2,"featured_media":2857,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":""},"categories":[23,562],"tags":[285,673,674,675,676,677],"jetpack_featured_media_url":"https:\/\/brusselsindependent.com\/wp-content\/uploads\/2023\/01\/S6A7Y2644NKX7NNNXF2DFT35BY.jpg","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/brusselsindependent.com\/fr\/wp-json\/wp\/v2\/posts\/2856"}],"collection":[{"href":"https:\/\/brusselsindependent.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/brusselsindependent.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/brusselsindependent.com\/fr\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/brusselsindependent.com\/fr\/wp-json\/wp\/v2\/comments?post=2856"}],"version-history":[{"count":1,"href":"https:\/\/brusselsindependent.com\/fr\/wp-json\/wp\/v2\/posts\/2856\/revisions"}],"predecessor-version":[{"id":2858,"href":"https:\/\/brusselsindependent.com\/fr\/wp-json\/wp\/v2\/posts\/2856\/revisions\/2858"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/brusselsindependent.com\/fr\/wp-json\/wp\/v2\/media\/2857"}],"wp:attachment":[{"href":"https:\/\/brusselsindependent.com\/fr\/wp-json\/wp\/v2\/media?parent=2856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/brusselsindependent.com\/fr\/wp-json\/wp\/v2\/categories?post=2856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/brusselsindependent.com\/fr\/wp-json\/wp\/v2\/tags?post=2856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}