House prices drop for fourth month in a rowon January 6, 2023 at 9:48 am

The annual rate of house price growth more than halved last month as the rising cost of living and higher interest rates hit home.

Prices in December rose by 2% compared to the same month in 2021, said Halifax.

It is sharply lower than a 4.6% increase in November.

The bank said uncertainty about how the cost of living will impact household bills, as well as rising interest rates, is slowing the housing market.

Between November and December, the average house price in the UK fell by 1.5% to £281,272.