HOUSE prices are falling year on year for the first time since 2012 as spiralling mortgage rates take a heavy toll on the property market, figures show today.
Leading lender Halifax said that its data revealed that the average price of a home in the UK was down one per cent in May compared with a year previously at £286,532.
Some of the biggest falls were recorded in London, where they dropped 1.2 per cent to an average of £536,622, and the south east of England, where they decreased 1.6 per cent to £385,943.
The Halifax index shows how dramatically the property market has turned around over the past year.
This story is from the June 07, 2023 edition of Evening Standard.
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This story is from the June 07, 2023 edition of Evening Standard.
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