Poll: UK house price rally to end next year but no big crash seen

A Purple Bricks estate agents 'For Sale' board outside a residential property in London. House prices are expected to fall 4.7% next year nationwide, marking the first annual drop in over a decade, having likely risen 6.3% this year, a poll shows. – Bloomberg

BRITISH house prices will fall in 2023, putting an end to years of bumper rises, but a large crash was unlikely despite the cost of living crisis and increased borrowing costs putting a lid on buyers’ ability to fund purchases, a Reuters poll shows.

As in much of the world, inflation has soared in Britain and so the Bank of England (BoE) is pressing ahead with a series of interest rate increases just as the economy slips into a recession.