House prices remain almost 20% higher than pre pandemic levels four years ago, Rightmove says
email rounding up the latestAsking prices for UK homes have recorded their sharpest August drop since 2018 in another sign that the property market is slowing after four consecutive months of house price falls.
“There are still significant challenges in saving up enough for a deposit and affording higher mortgage payments,” said Tim Bannister, director at Rightmove. Crest Nicholson said it forecast annual adjusted profit before tax of £50mn, down from analysts’ forecasts of £73mn, but expected “inflation to abate and mortgage rates start to reduce”.
“Realistically, income multiples need to be much higher when you consider the average wage and property price, unless you can raise a substantial deposit,” he said, adding that buyers were increasingly opting for less desired, cheaper areas.The number of agreed sales in the period was 15 per cent lower than in 2019 in the period, Rightmove said, as high borrowing costs hit sales.
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