UK house prices fall further in September

The average UK house price fell by 4.7% year-on-year, or 0.4% month-on-month, in September, according to the country’s largest mortgage lender Halifax.

That left the average house price at £278,601 as higher interest rates continue to slow down demand.

Halifax Mortgages director Kim Kinnaird said: “Activity levels continue to look subdued compared to recent years, with industry data showing lower levels of new instructions to sell homes and agreed sales. 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.”

 

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5 Comments

  1. MrManyUnits

    Although some vultures are already circling-I believe with more and more Landlords selling up this is only the ssart.

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    1. Isa B Agent

      5% is nothing though, is it? Most sellers will just hold out for the price they want unless they HAVE to sell.

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      1. jan-byers

        Yes but the fact is prices have fallen and will comntinue to do so
        Many EA will go under – not enough tranasctions

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        1. Isa B Agent

          You said exactly the same 12 months ago. You were wrong and it didn’t happen.

          It’s obvious they will slide further for a few months but you have to admit it is a very gentle slide.

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          1. MrManyUnits

            So far, it takes a while for all the fixed mortgage terms to come to an end.

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