Home prices in the UK are expected to drop 8% YoY in 2023, which will be the first annual price decline in the market since 2011, data by Halifax Mortgages shows, Invest-Gate reports.

Halifax says its property price index slipped 1.5% in December after a 2.4% decline in November.

Director of Halifax Mortgages, Kim Kinnaird, notes that the impact of the economic environment on the housing market will continue.

She adds that both the supply and demand are expected to tumble amid caution by buyers and sellers.

Furthermore, Halifax’s data shows that home prices are decreasing in all areas of the UK, with the northeastern region registering the biggest annual decline in 2022, amounting to 6.5%.