UK Property

  Kim Kinnaird, Director, Halifax Mortgages: “UK property prices held up better than expected over the last year, falling by just -1.0% on an annual basis, to now sit at £283,615. This resilience – which owes more to the shortage of available properties for sale than strength of demand among buyers – means average house prices end the year just 3% down on August 2022’s peak (£293,025) but £44,000 above pre-pandemic levels. To some extent this masks the fluctuations we’ve seen in the housing market throughout 2023. As wider economic...

Stay informed with free updatesSimply sign up to the UK house prices myFT Digest -- delivered directly to your inbox.UK house prices will probably fall further in 2024, according to forecasts by two of the country’s largest mortgage lenders, as stubbornly high borrowing costs continue to stall the property market and strain affordability.Halifax on Friday projected that house prices will fall between 2 and 4 per cent next year, while rival lender Nationwide said prices would probably register a “low single-digit decline or remain broadly flat”.“Even though house prices are...