UK HOUSE PRICES FALL BY 1.4% IN DECEMBER
According to the Office for National Statistics (ONS), British house prices experienced a decline of 1.4% on an annual basis in December, following a revised 2.3% decrease in November. London emerged as the region with the most substantial annual decrease, with prices in the capital dropping by 4.8%. Aimee North, the head of housing market indices at the ONS, noted, "Our initial estimate of UK house prices shows another annual fall in December, however the pace of decrease has slowed since the previous month."
Wednesday's data presented a contrast to some other indicators of Britain's housing market, which indicated that house prices increased in January due to a surge in demand following a decline in mortgage rates. Furthermore, a surprising halt in British consumer price inflation on Wednesday strengthened market expectations of a potential rate cut by the Bank of England. This expectation emerged after the Bank had implemented 14 consecutive interest rate hikes between December 2021 and August 2023.
Comments