Bull and Bear revisit the state of the UK housing market in light of the latest interest rise on Thursday.

According to Nationwide, house prices in the UK have now fallen for a fifth month in a row, with the average cost of a home some 3.2% below the peak seen last August. This fall, however, is only reversing some of the exceptional property price expansion that has occurred since the onset of the pandemic.
Last week, the Bank of England announced the average mortgage rate for new loans (3.67%) rose in December to its highest level in a decade. Furthermore, mortgage approvals fell to their lowest level since January 2009, excluding at the height of the COVID pandemic.
Significant house price falls are being forecast for 2023. Over 10% in some places. But it is a different, much more positive story for the rental market.
Enjoy your Sunday.