In December, British house prices experienced a 1.4% decline compared to the previous year, according to the Office for National Statistics (ONS). This follows a

revised 2.3% decrease in November. London saw the most significant annual drop, with prices in the capital falling by 4.8%.

Aimee North, head of housing market indices at the ONS, noted that while there was another annual decrease in UK house prices in December, the rate of decline had slowed compared to the previous month.

Contrary to this data, some other indicators of Britain's housing market suggested a rise in house prices in January, fueled by increased demand following reductions in mortgage rates.

Additionally, Wednesday's unexpected halt in British consumer price inflation has heightened market expectations of a potential rate cut by the Bank of England. This comes after a series of 14 consecutive rate increases between December 2021 and August 2023.