Image source, Getty Images The average home cost in the UK fell for the 4th month in a row in December, as the increasing expense of living and greater interest rates hit house. December costs fell by 1.5% compared to November, significance the average home rate is now £281,272, stated Halifax. The bank stated unpredictability about how the expense of living will impact family costs, as well as increasing interest rates, is slowing the realestate market. It anticipates purchasers and sellers to “remain careful” over the coming year. December’s regularmonthly fall was lower than the decrease of 2.4% seen in November, even taking into account the anticipated seasonal downturn, stated Halifax homeloans director Kim Kinnaird. On an yearly basis, home rates grew by 2% compared with December 2021 – the slowest increase consideringthat October 2019 when rates increased at an yearly rate of 1.1%. It was likewise dramatically lower than the 4.6% yearly boost seen in November. Are you impacted by concerns covered in this story? Get in touch. Rising interest rates have weighed on the realestate market. The Bank of England hasactually increased rates 9 times giventhat December 2021 to shot to moisten the rate of cost increases, likewise understood as inflation. Interest rates are presently 3.5%, the greatest level in 14 years. And while mor
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