Ask a Question

Have house prices dropped uk

61 views
Have house prices dropped uk
by (47.4k points)

1 Answer

0 votes
Yes, house prices in the UK have been dropping. The average house price in the UK fell for the fourth month in a row in December⁵. The latest official figures from the ONS show prices down 1.2% in the year to October⁴. Nationwide reported a drop of 2% in the year to November while Halifax’s data shows a drop of 1% for the same period⁴.

The market’s recent fall is being attributed to soaring interest rates making mortgage costs rise, and forcing sellers to cut their prices to ensure a sale⁴. The average two-year fixed mortgage rate has jumped from around 2.3% in 2021 to 5.95% today⁴.

The housing market will continue to be impacted by the wider economic environment and, as buyers and sellers remain cautious, house prices are forecast to fall around 8% over the course of the year⁵. However, the cost of the average home remained high, and even if prices did drop by 8% that would mean the cost of the average property returning to April 2021 prices, still "significantly above" pre-Covid levels⁵.

Please note that these are just predictions and actual changes may vary.

Source:
(1) UK house prices drop for fourth month in a row - BBC News. https://www.bbc.co.uk/news/business-64183817.
(2) Will house prices keep falling in 2024? - Times Money Mentor. https://www.thetimes.co.uk/money-mentor/buying-home/will-house-prices-fall-uk.
(3) Did YOUR area see 15% drop in house prices this year? Halifax reveals biggest risers - and fallers. https://www.msn.com/en-gb/money/other/did-your-area-see-15-drop-in-house-prices-this-year-halifax-reveals-biggest-risers-and-fallers/ar-AA1m7uff.
(4) Dudley house prices dropped slightly in October. https://uk.news.yahoo.com/dudley-house-prices-dropped-slightly-120000988.html.
(5) Reaction as house prices in Bolton dropped more than North West average. https://www.msn.com/en-gb/money/other/reaction-as-house-prices-in-bolton-dropped-more-than-north-west-average/ar-AA1m4V8X.
(6) UK house prices forecast to fall for the next two years. https://www.bbc.co.uk/news/business-63676119.
by (3.7k points)

No related questions found

Free Online Question and Answer Website

Are you curious? Get answers to your questions online. Share and spread your know-how through the best question and answer English Website. Join the free question-answer site today. Ask thought-provoking questions and get the answers from the experts. Select and choose topics of your choice. Create or join your own community.

Ask your question with your name or go anonymous. Become street smarter and join hands with likeable people.
Ask us any question and get instant help. You can learn and know anything about this platform.

The best answers will get a vote-up. Don't wait and sign up now? Explore a wide range of different questions and answers. Active users and regular readers will get benefited and also help us grow.

For any little concern, we are here. Get a quick fix answer for all your questions. We are happy to share. Asklent is a platform for helping each other.

Copyright ©2024 Asklent Q&A