UK property prices dropped by around 5 percent in the year to August, according to data from Halifax and Nationwide. It marks the steepest annual fall since 2009. We explore where they could head next.
The evidence that the UK property market is struggling amid rising mortgage rates and a cost of living crisis is mounting.
Nationwide reported a drop in average house prices of 5.3% in the year to August. Halifax’s data for the same period observed a 4.6 per cent decrease. Residential property transactions also fell by 22 per cent in July 2023 compared to the same month in 2022, HMRC figures show.
Asking prices for homes in Britain witnessing the sharpest drop recorded for that month since 2018, according to the property website Rightmove. Meanwhile price of properties in Nigeria metropolis are not giving way at all. This is even as the economic stimulus is forcing people into crime and corruption according to Mr. Sam Ndata, a Capital Market veteran.
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The market’s downturn is being blamed on soaring mortgage rates affecting demand for homes, and forcing sellers to cut their prices to ensure a sale. The average two-year fixed mortgage rate has jumped from around 2.3 per cent in 2021 to 6.72 per cent today.
UK house prices dropped by around 5 per cent in the year to August, according to data from Halifax and Nationwide. It marks the steepest annual fall since 2009. We explore where they could head next.
The evidence that the UK property market is struggling amid rising mortgage rates and a cost of living crisis is mounting.
Nationwide reported a drop in average house prices of 5.3 per cent in the year to August. Halifax’s data for the same period observed a 4.6 per cent decrease. Residential property transactions also fell by 22 per cent in July 2023 compared to the same month in 2022, HMRC figures show.
Asking prices for homes in Britain witnessing the sharpest drop recorded for that month since 2018, according to the property website Rightmove.
READ ALSO: UK lenders see weak mortgage lending, but no wider credit crunch: BoE
The market’s downturn is being blamed on soaring mortgage rates affecting demand for homes, and forcing sellers to cut their prices to ensure a sale. The average two-year fixed mortgage rate has jumped from around 2.3 per cent in 2021 to 6.72 per cent today. Why are house prices so high? What are the regional variations in house prices? How do house prices differ for different types of property? Will house prices crash in 2023? What are the house price predictions?
Some people kept asking house prices going down? The short answer is yes. The average house price fell by 5.3 per cent in the year to August 2023, according to the latest data from Nationwide. This is the most substantial annual drop in house prices since the aftermath of the financial crisis in 2009.
Data from Halifax paints a similar picture; it e that prices had fallen 4.6% in a year, or 1.9% from the month prior. Rightmove’s August data shows average asking prices for homes fell by 1.9% in the month. This means the average asking price has fallen by £7,000 to £364,895, marking the most significant decrease in asking prices in August since 2018.
Source: sunnewsonline
