Prices had fallen in the south of England, it added, with all other areas - except Wales - recording slowing annual price growth. A buoyant market a year ago was a major reason for the year-on-year fall, it said. It said that prices had edged down slightly compared with a month ago. The Halifax said that the average UK home now cost £286,532. Mortgage calculator: Will my payments rise? Mortgage squeeze as rates rise and deals are pulled 'Mortgage costs right now are terrifying' "Therefore further downward pressure on house prices is still expected." "This will inevitably impact confidence in the housing market as both buyers and sellers adjust their expectations," said Kim Kinnaird, director of Halifax Mortgages, who added that housing demand was cooling. It comes as lenders predict further rises in the Bank of England's base rate, owing to general price rises - as measured by inflation - staying higher for longer than previously anticipated. Some mortgage rates have risen sharply in recent weeks. The lender, which itself is raising its mortgage rates, said higher borrowing costs were hitting "confidence". The Halifax, part of Lloyds Banking Group, said typical house prices in May were down £3,000 on a year ago, and £7,500 lower than their peak in August. House prices have fallen by 1% compared with a year ago - the first such drop since 2012, according to the UK's largest mortgage lender. A person looks at properties in the window of an estate agent in Holmfirth, Britain, 29 September 2022
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