The average price for a house was 279,569 pounds (almost 327,000 euros) – 4.6 percent less than a year ago, as Bank Halifax explained in an analysis. The sharp decline is partly explained by the fact that real estate prices had reached an all-time high in the comparable period.
The main reason for the price decline is the interest rate policy of the British Central Bank. In order to combat high inflation, the Bank of England sharply increased its key interest rates. As a result, real estate loans have become significantly more expensive and potential buyers are currently holding back.
Halifax expects real estate prices to fall into next year. However, the bank points out that the price level is still around 17 percent above the level before the corona pandemic.
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