In the past quarter, they fell 2.5 percent compared to the previous quarter, according to data from mortgage lender Halifax.
This increases the evidence of a downturn in the real estate market. According to the Bank of England (BoE), banks approved far fewer mortgage loans than expected in November. “Real estate prices are likely to fall further for the foreseeable future,” said economist Martin Beck of consulting firm EY ITEM Club. This predicts a drop in house prices of around ten percent for the next twelve to 18 months. Halifax, on the other hand, expects home prices to fall by 8 percent this year.
However, this would only mean a return to levels last seen in April 2021. Shortly after the outbreak of the coronavirus pandemic, property prices had skyrocketed as temporary fiscal stimulus prompted a rush for larger homes with gardens.
“As we enter 2023, the real estate market will continue to be impacted by the broader economic environment,” said Halifax CEO Kim Kinnaird. “And as buyers and sellers remain cautious, we expect both supply and demand to decline overall. “
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