LONDON, Nov 25 Reuters British house prices will fall in 2023, putting an end to years of bumper rises, but a large crash was unlikely despite the cost of living crisis and increased borrowing costs putting a lid on buyers39; ability to fund purchases, a Reuters poll found.

As in much of the world, inflation has soared in Britain and so the Bank of England is pressing ahead with a series of interest rate increases just as the economy slips into a recession. That has put a bigger hole in the wallets of indebted consumers.

House prices fell for the first time in 28 months in October, according to a survey from the Royal Institution of Chartered Surveyors which also showed a measure of expectations for house prices in 12 months39; time slumped.

They will fall 4.7 next year nationwide, marking the first annual drop in over a decade, having likely risen 6.3 this year, according to the Nov. 824 poll of 20 housing market specialists.

There is a rebalancing but nothing like we saw after the global financial crisis. Supply is still relatively tight so that is helping support prices, said Chris Druce at estate agency Knight Frank.

During the financial crisis house prices fell around 19 from peak to trough but have since roughly doubled, according to Land Registry data.

UK housebuilder Taylor Wimpey Plc said earlier this month it would build fewer homes this year than originally planned while bigger rival Persimmon Plc has said it expects 2023 land additions to be…