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Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
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Featured - Debt and your credit score
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Featured - High interest current accounts
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Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
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How much can I give as a cash gift?
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UK house prices were hit by the biggest drop in 14 years, with the average UK property costing £7,000 less than it did last month, according to new data from Halifax.
The mortgage lender’s monthly House Price Index reveals that the price of a typical house in the UK fell by 2.3% in November, compared to a drop of 0.4% in October.
This means that the average UK home is now worth £285,579, down from £292,406 last month.
The drop is the third consecutive fall, resulting in the annual rate of growth falling to 4.7%, down from 8.2%.
It's also the biggest monthly drop since the financial crisis in 2008.
Commenting on the data, Kim Kinnaird, Director of Halifax Mortgages, pointed to volatility in the property market over recent months, but also the increase in house prices over the past few years.
“When thinking about the future for house prices, it is important to remember the context of the last few years, when we witnessed some of the biggest house price increases the market has ever seen. Property prices are up more than £12,000 compared to this time last year, and well above pre-pandemic levels,” she said.
Kinnaird continued: “The market may now be going through a process of normalisation. While some important factors like the limited supply of properties for sale will remain, the trajectory of mortgage rates, the robustness of household finances in the face of the rising cost of living, and how the economy – and more specifically the labour market – performs will be key in determining house prices changes in 2023.”
The fall in the price of the average property comes as mortgage rates show signs of normalising following the turmoil wreaked by the mini-Budget, with the average two and five year rates falling back below 6%.
“It appears lenders are slowly making reductions to their fixed pricing to adjust their positions, and in doing so, the overall average two and five-year fixed mortgage rates now sit below 6%”, said Rachel Springall, Finance Expert at Moneyfacts.
That reduction in rates can be seen in the Moneyfacts weekly mortgage rate roundup, which sees a number of new providers taking spots on our charts as a consequence of their reduced rates.
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The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes an increased two-year fixed ISA from Aldermore, and a five-year fixed rate mortgage from first direct.
Each week the Moneyfactscompare.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.
More good news for borrowers as lowest rates continue to fall.
Mortgage approvals rose to their highest level in two years as house prices also record an increase, according to the latest figures from Nationwide BS.
Mortgage approvals rose to their highest level in two years as house prices also record an increase.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes an increased two-year fixed ISA from Aldermore, and a five-year fixed rate mortgage from first direct.
Each week the Moneyfactscompare.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.
More good news for borrowers as lowest rates continue to fall.
Mortgage approvals rose to their highest level in two years as house prices also record an increase, according to the latest figures from Nationwide BS.
Mortgage approvals rose to their highest level in two years as house prices also record an increase.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
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