Falls in house prices will continue into next year, the UK’s biggest mortgage lender has said, although the rate of reduction has slowed.
The Halifax, part of Lloyds Banking Group, said that property prices were 4.7% lower in September than a year earlier.
Prices were down 0.4% on the previous month, but that was a much shallower drop than previously.
Prices were down 0.4% on the previous month, but that was a much shallower drop than previously.
“Homeowners inevitably become more realistic about their target selling price, reflecting what has increasingly become a buyer’s market,” said Kim Kinnaird, director of Halifax Mortgages.
But the fact that interest rates would stay higher for longer than many had expected would constrain demand and put “downward pressure on house prices into next year”, she said.
Earlier in the week, rival lender Nationwide said buyers who were facing high mortgage rates were choosing smaller, more affordable properties.
Both Halifax and Nationwide surveys use data based on their own mortgage lending, so do not include those who purchase homes with cash or buy-to-let deals. According to the latest available official data, cash buyers currently account for over a third of housing sales.
Falls in house prices will continue into next year, the UK’s biggest mortgage lender has said, although the rate of reduction has slowed.
Prices were down 0.4% on the previous month, but that was a much shallower drop than previously.
The Halifax, part of Lloyds Banking Group, said that property prices were 4.7% lower in September than a year earlier.
“Homeowners inevitably become more realistic about their target selling price, reflecting what has increasingly become a buyer’s market,” said Kim Kinnaird, director of Halifax Mortgages.
Prices were down 0.4% on the previous month, but that was a much shallower drop than previously.
Prices were down 0.4% on the previous month, but that was a much shallower drop than previously.
“Homeowners inevitably become more realistic about their target selling price, reflecting what has increasingly become a buyer’s market,” said Kim Kinnaird, director of Halifax Mortgages.
But the fact that interest rates would stay higher for longer than many had expected would constrain demand and put “downward pressure on house prices into next year”, she said.
Earlier in the week, rival lender Nationwide said buyers who were facing high mortgage rates were choosing smaller, more affordable properties.
Both Halifax and Nationwide surveys use data based on their own mortgage lending, so do not include those who purchase homes with cash or buy-to-let deals. According to the latest available official data, cash buyers currently account for over a third of housing sales.
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