The crisis engulfing the UK’s housing market increased as it was revealed annual prices fell for the first time in three years.
About 39,600 mortgages were approved for house purchase in January, down from 40,500 in December. Excluding the pandemic, the latest total marked the lowest number of approvals since January 2009, when 32,400 were recorded. Prices are now 3.7 per cent lower than their August 2022 peak. The last time UK house prices contracted annually was December 2012, it said.the mini-Budget last September sparked the tumbling prices
“This likely reflects the lingering impact on confidence as well as the cumulative impact of the financial pressures that have been weighing on households for some time.
Leaving housing provision solely to the market has worked out just as predicted.