Property News · September 7, 2023

UK house prices tumble 4.6% in August as high interest rates cool demand – business live


UK house prices are falling at fastest pace since 2009 on annual basis, reports HalifaxBank of England governor expects ‘quite marked’ fall in UK inflationHouse prices have fallen all UK nations and the nine English regions over the last year, Halifax’s house price index shows.But the North of the country has proverd more resilient than the South.Buyers faced with the need to find larger deposits and fund bigger monthly repayments means the South East is experiencing the biggest drop.London remains the most expensive place in the UK to purchase a home, with an average property price of £529,814. However with prices down by -4.1% over the last year, it has seen the biggest fall of any region in cash terms (-£22,777).While any drop won’t be welcomed by current homeowners, it’s important to remember that prices remain some £40,000 (+17%) above pre-pandemic levels.It may also come as some relief to those looking to get onto the property ladder. Income growth has remained strong over recent months, which has seen the house price to income ratio for first-time buyers fall from a peak of 5.8 in June last year to now 5.1. This is the most affordable level since June 2020, and will be partially offsetting the impact of higher mortgage costs. Continue reading…

Source : theguardian.com
Read more…UK house prices tumble 4.6% in August as high interest rates cool demand – business live

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