GBP/USD+0.22%
CROSSRATE GBP...+0.11%
UK house prices continue to decline in December
The annual house price growth in the United Kingdom continued to slow in December to mark the fourth consecutive monthly decline, according to a report published on Friday by the Nationwide Building Society.
The annual house price growth decelerated to 2.8% this month, with all UK regions recording a slowdown in the last trimester of 2022. Interestingly, the gap between the strongest and weakest areas remained the smallest since 1974. On a monthly basis, the prices slipped by 0.1%, with the market seeing the worst run since 2008.
"It will be hard for the market to regain much momentum in the near term as economic headwinds strengthen, with real earnings set to fall further and the labor market widely projected to weaken as the economy shrinks," chief economist Robert Gardner noted in the report.