According to the Halifax HPI, home prices were stable in January following a series of decreases.
The director of Halifax mortgages stated that at the beginning of 2023, it had delivered some stability to UK home prices, with normal house prices being practically stable since January, when it was at £281,684, a very slight decline from December.
As we approach 2023, the trend is expected to continue, as increasing borrowing costs lead to lower demand.
Over time, house purchase affordability could increase due to falling real estate values and the potential for mortgage rates to peak below the level predicted last year.
