UK Housing Market Faces Continued Decline, Despite Slowed Rate of Reduction
The Halifax, the UK’s largest mortgage lender, has forecasted a persisting fall in house prices into the next year. Although property prices were 4.7% lower in September compared to the previous year, the rate of reduction has decelerated. Homeowners are adjusting their expectations in light of high interest and mortgage rates, turning it into a buyer’s market. Director of Halifax Mortgages, Kim Kinnaird, notes that prolonged higher interest rates will likely exert downward pressure on house prices in the coming year.
