itemprop=description content=Despite recent house price falls,the average property value remains more than £39,000 above pre-pandemic levels, Halifax said.
The average UK house price fell by 0.4% in September, but it remains higher than the level recorded in the month that the Bank of England started its run of rate rises, according to an index.But Halifax, which released the index, said the average property price remains 1.0% above the level seen in December 2021, the month when base rate started to edge up, from 0.1% to 0.25%.
Property prices dropped by 4.7% annually in September, with southern England continuing to see most downward pressure on prices, Halifax added.The average property price remains more than £39,000 above pre-pandemic levels, despite being around £14,000 below a peak recorded in August 2022. “Borrowing costs are the primary factor, given the impact of higher interest rates on mortgage affordability. Against this backdrop, homeowners inevitably become more realistic about their target selling price, reflecting what has increasingly become a buyer’s market.
“Many economists and financial markets predict that base rate will remain higher for longer, with any significant cuts appearing unlikely until inflation gets closer to the Bank of England’s 2% target. Nicky Stevenson, managing director at estate agent group Fine & Country, said: “The property market is offering a much stronger supply of homes than it did during 2021, when we saw frantic buying activity, and this is giving buyers much more choice and headroom to haggle – though it is also playing a part in pushing down prices during negotiations with sellers.”
Jeremy Leaf, a north London estate agent, said: “Results confirm what we are seeing on the ground – business is bumping along at a new, lower level as buyers and sellers are encouraged partly by expectations of lower interest rates, and higher rents making refuge in the lettings market less likely, particularly for those taking their first steps on the ladder.”
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UK house prices have proven more resilient than expected, says Halifaxitemprop=description content=Despite recent house price falls,the average property value remains more than £39,000 above pre-pandemic levels, Halifax said.
Read more »
Halifax stabbings: Huddersfield man charged with murderJoshua Clark, 21, and Haidar Shah, 19, died after a triple stabbing in Halifax, police say.
Read more »
Halifax stabbings: Man in court accused of street murdersJoshua Clark, 21, and Haidar Shah, 19, died after a triple stabbing in Halifax on Sunday morning.
Read more »
Landslide continues amid search for responsibility for cause of flooding in HalifaxThe search for responsibility for the cause of flooding which has led to a landslip behind a number of Halifax homes goes on – while the land is still moving.
Read more »
Man, 19, charged over town centre triple stabbingsJoshua Clark, 21, and Haidar Shah, 19, died in hospital after being fatally stabbed on Commercial Street in Halifax shortly before 4am on Sunday. | ITV News Calendar
Read more »
Cost of living latest: Major lender to cut mortgage rates twice in a week; crackdown on American candy shops after 'fakes' seizedHalifax is set to reduce its mortgage rates on Friday - the second reduction in a week. And the number of American candy shops on Oxford Street in London has fallen after the council decided to take action.
Read more »