UK house prices predicted to drop by at least 10% in 2023

As lenders pull mortgage products amid interest rate turmoil, experts forecast significant fall'

House prices are likely to fall by at least 10% next year as mortgage providers pull deals and raise interest payments to levels not seen since before the 2008 financial crisis, property experts have predicted.

Nearly 300 mortgage deals have been pulled by banks and building societies, after a fall in the pound fuelled forecasts of a jump in the Bank of England base rate to nearly 6%, with those offers remaining on the market entailing huge borrowing costs for potential buyers, reducing how much they can pay for properties.