UK Housing Market Shows Signs of Recovery as Price Declines Slow

Recent data indicates a potential rebound in the UK housing market, with average house prices falling less sharply and rental prices reaching record highs.

Average UK house prices fell by £4,000 in the year to December 2023, a slower decline compared to previous months.
Scotland and Northern Ireland saw annual price increases, while England and Wales experienced declines.
Private rental prices in the UK rose by 6.2% in the 12 months to January 2024, marking a record high.
Mortgage rates are expected to decrease following a forecasted cut in interest rates by the Bank of England.
The London housing market avoided a predicted crash, with prices falling by 4.8% in 2023 but showing signs of resilience.