Cracks appear in UK housing market as home prices fall for first time in 9 months

In December, U.K. house prices fell by 0.2%, the first drop in nine months, due to the Budget and higher mortgage rates impacting buyer activity, with the average property value decreasing to £297,166. Annual price growth slowed to 3.3% from 4.7%, below economists’ predictions, leading to a decline in shares of U.K. homebuilders Taylor Wimpey, Persimmon, Bellway, and Barratt Redrow. The cooling of interest rate expectations and government policies influenced the housing market, with transactions slowing towards the end of the year after a period of steady growth in 2024.

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