House prices fall for fourth straight month – live updates

House prices have declined for a fourth month in a row, dropping by more than £4,100 in one month as soaring mortgage rates hurt the sector.

However, the speed of falling property values slowed down in December, falling by 1.5pc compared to 2.4pc in November, according to lender Halifax.

The average home now costs £281,272, down from £285,425 in November. Annual house price growth had been in double figures for most of 2022, peaking at 12.5pc in June, but slowed from 8.2pc in October to 4.7pc in November and just 2pc in December.

Higher borrowing costs and soaring inflation have pumped the brakes on the property boom.

The latest survey sees the Halifax House Price Index hit its 40-year anniversary, with house prices up 974pc since it began in early 1983.

Read the latest updates below.