London, January 06 (QNA) – The average house price in the UK fell for the fourth month in a row in December, as the rising cost of living and higher interest rates hit home.
Average house prices fell 1.5 per cent between November and December, said mortgage provider Halifax.
The decline marks a slowdown from the 2.4 per cent drop recorded between October and November.
The annual rate of house price growth slowed to 2 per cent in December, down from 4.6 per cent in the previous month.
The Bank of England has increased rates nine times since Dec. 2021 to try to dampen the rate of price rises, also known as inflation.
Interest rates are currently 3.5 percent, the highest level in 14 years. (QNA)