A decade of rising house prices is over. The UK economy will feel the pain:
Fueled by a post-lockdown buying frenzy, the average UK house price hit a record £275,000 in December, a £27,000 increase on the previous year’s high. People buying houses for the first time benefited from cuts to taxes on their purchases and even though homes were more expensive, rock-bottom mortgage rates kept monthly payments affordable. The sharp and sudden increase in mortgage rates that followed has made it much more expensive to buy a house, leading some forecasters to predict a 10%-15% plunge in prices over the next year. Even though Kwarteng and Truss are out, alo