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Surreal Estate: How far will house prices fall?
Many Happy Returns
House Prices Are Down 8% Year-on-Year
House prices across the UK on average have fallen by 4.3% since the peak, which was in August. They're still up by 2%. But you can always use those year-on-year numbers to sort of mask the latest trends and pretend that everything's fine. Halifax survey also offered some guidance of where they think house prices are going to go in the UK. And they're expecting a fall in nominal terms of around 8% across 2023. That would be very unusual for the UK. We haven't seen falls that large for a long time.
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