PHOTO: UK house prices are falling. FILE
A look at recent developments in the UK housing market, why prices are falling and what are the prospects for the next 12 months.
According to Halifax, average UK house prices, now at £279,569, fell by 1.9% month-on-month, the largest such fall since November 2022. Prices are down by around £14,000 compared to this time last year and are now back at levels seen in early 2022. But they remain around £40,000 higher than pre-pandemic levels.