UK House Prices Fall Further In September

The average UK house price fell by 4.7% year-on-year, or 0.4% month-on-month, in September, according to the country’s largest mortgage lender Halifax.

That left the average house price at £278,601 as higher interest rates continue to slow down demand.

Halifax Mortgages director Kim Kinnaird said: “Activity levels continue to look subdued compared to recent years, with industry data showing lower levels of new instructions to sell homes and agreed sales. Borrowing costs are the primary factor, given the impact of higher interest rates on mortgage affordability.

“Against this backdrop, homeowners inevitably become more realistic about their target selling price, reflecting what has increasingly become a buyer’s market.”

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