![]() House prices are still very high by historical standards and have been rising much faster than wages. Looking for a mortgage? Use this free comparison tool to find the best deal It’s worth noting that while average house prices have generally fallen during the last year, they’re still almost 20% higher than they were before the pandemic four years ago. Rightmove’s report also noted that the number of property sales agreed in October was 17% lower than a year ago.įalls in house prices and the number of sales have been attributed to a mixture of high mortgage rates, cost of living pressures and low market confidence. While this may offer sellers some cause for optimism, this rise remains significantly lower than usual for this time of year. Property website Rightmove’s data for October shows average asking prices for homes rose 0.5% from the month prior. Despite signs that cost-of-living pressures are easing, with the rate of inflation now running below the rate of average earnings growth, consumer confidence remains weak and surveyors continue to report subdued levels of new buyer enquiries.”ĭata from Halifax for September painted a bleak picture of the housing market it said that prices had fallen 4.7% in a year, or 0.4% from the month prior. “Activity and house prices are likely to remain subdued in the coming quarters. Nonetheless, Gardner indicated that this isn’t a sign that the market is on a road to recovery. Robert Gardner, Nationwide’s chief economist, attributed the rise to a limited supply of properties on the market, with a lack of forced selling due to a solid labour market and a low rate of mortgage arrears. However, despite yearly trends, Nationwide said that house prices rose by 0.9% in the month to October. September and August saw greater annual falls of 5.3%, with the latter marking the most substantial annual drop in house prices since the aftermath of the financial crisis in 2009. The average house price fell by 3.3% in the year to October 2023, according to the latest data from Nationwide. The short answer is yes over the past year, property prices are down. ![]() Read more: Will UK mortgage rates go down in 2023? Are house prices going down?
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