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Property prices in UK drops, experts forecast to fall around 8% over the course of the year

London: UK house prices may fall this year, experts say. According to the Halifax director, house prices will fall by 8% this year. In November, house prices fell by 2.4%, and in December, they fell by 1.5%. As per Halifax, the average house price in the UK is £281,272.

The drop in prices is thought to be the result of rising interest rates and the rising cost of living on the property market.

The drop began in August, when home prices peaked. The house was priced at £293,992 in August. The longest price decline since 2008 was reported last week. Nationwide Building Society is also witnessing a price decrease.

However, the country’s overall prices in 2022 are projected to rise by 2%, the figures suggest. Halifax points out that prices are now falling in all areas of the UK.

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