The slowdown is expected to intensify with price declines between 5% and 12%
The housing market will cool sharply next year after a bumpy 2022, industry experts are predicting, as the UK contends with recession and higher mortgage rates.
As the cost of living crisis has intensified amid soaring inflation and as interest rates have increased, house prices have already started falling month-on-month. The average house price dropped 2.3% in November from October – the most since the start of the financial crash in 2008 – according to Halifax.
