CNBC

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

U.K. house prices fell for the first time in nine months in December, as the country’s Budget and higher mortgage rates dampened a recent flurry of homebuyer activity. Average property prices dipped 0.2% between November and December — the first monthly drop since March — fresh data from lender Halifax showed Tuesday. Tom Bill, head of U.K. residential research at Knight Frank, told CNBC that wobbles had begun to emerge in the housing market after the government’s Oct. 30 Budget.

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