House Prices SLUMP Fourth Month In A Row As Mortgage Approvals DROP To 2...

House Prices SLUMP Fourth Month In A Row As Mortgage Approvals DROP To 2-Year Low

The average house price in the UK fell for the fourth month in a row in December as prices plummeted by 1.5% compared to November - the average house price is now £281,272, according to Halifax.

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December's decline was not as high the 2.4% drop in November.

Annually, house prices grew by just 2% compared with December 2021 - down from 4.6% annual increase recorded in November – and the slowest rise since October 2019 when prices were going up by 1.1%.

Mortgage approvals unsurprisingly declined to their lowest level in two years as interest rate rises deterred buyers, new Bank of England figures find.

Mortgage approval lending slumped to just 46,000 in November, down from under 58,000 in October, the BOE reports.

Home-buyers and buy-to-let investors were put off by a massive rise in mortgage interest rates following a succession of base rate hikes designed to curb soaring inflation.

Rates have gone up nine times since December 2021 to 3.5%, the highest level in 14 years.

The average 5-year fixed rate mortgage rate recently reached just under 6% hitting 100,000 per month with higher payments of up to three times their previously deal.

Economists and experts have predicted that already depressed house prices could further fall by up anything from 10% to 20% in 2023.

Bank of England figures also reveal that people are borrowing more on credit cards - up by £1.2bn - as cost of living pressures continue to hammer household and business budgets.

Despite higher rates, householders increased mortgage borrowing against their homes by an additional £4.4bn in November.

UPDATE ON MTD

Good news for business. Making Tax Digital and quarterly reporting bureaucracy changes for self-employed will be postponed for two years until 2026, HMRC has announced.

See also:

See My UK Property Predictions For 2023 – Where Is The Housing And Rental Market Going?

Watch video on my YouTube channel - https://youtu.be/ekDrJUZ6pUg

Toronto Property Market Explained By Luc Lising One Of Canada’s Top Realtors  - Watch full video interview - https://youtu.be/lldv5gL1GaQ

What Are You Doing Today To Make Your Life Better Tomorrow?

Watch video version on my YouTube channel - https://youtu.be/G8_SKQgGisI

The UK Prime Minister Rishi Sunak wants to force children to study mathematics until 18, but they should be teaching them about finance, mortgages, investing and pensions.

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