UK house prices experience biggest yearly decline in over a decade

Halifax has reported that British housing prices recorded their most pronounced decline since 2009 during the 12-month period ending in September. This aligns with other indicators in the housing market, which have been slowing down in response to rising interest rates. Last month, Halifax noted a 4.7% decrease in house prices compared to September 2022, marking a slightly more significant annual drop compared to the 4.5% decline seen in August.
In September, there was a more modest monthly decline of 0.4%, in contrast to the sharp 1.8% drop observed in August. Kim Kinnaird, the director at Halifax Mortgages, indicated that the Bank of England appears set to maintain high-interest rates, following a pause in its series of 14 consecutive increases the previous month. This is expected to dampen buyer demand and put downward pressure on house prices in the coming year.
In a similar vein, Nationwide, a competitor in the housing market, reported that its house price index for September revealed a 5.3% decrease compared to the previous year, reflecting the substantial annual decline seen in August, which was the most significant drop since 2009. However, there was no change in prices on a monthly basis.
It's important to note that while the decline in house prices is significant, it remains considerably less severe than the rapid increases witnessed during the COVID-19 pandemic, which extended into the previous year. Halifax mentioned that the typical home price still stands £39,400 ($47,953.74) higher than pre-pandemic levels, at £278,601.

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UK house prices experience biggest yearly decline in over a decade

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