House prices have been a hot topic in the UK for many years. With inflation, Brexit uncertainty, and the current pandemic, it’s no surprise that people are curious about the current state of house prices. So, are UK house prices falling in July 2023?
According to recent reports, UK house prices have risen by 1.2% in the last year. While this is a drop from last month’s 1.9%, it’s still a positive sign for the property market. The quarterly growth rate has also turned positive, thanks to a boost in spring sales, which is great news for buyers and sellers alike.
However, it’s not all sunshine and roses. Market activity is set to slow further as mortgage rates edge towards 6%. This increase in rates is making it more challenging for first-time buyers to get on the property ladder, which could have a knock-on effect on the market.
Predictions of a 5% house price fall in 2023 look ever more likely, which is something that could impact the whole market. More expensive areas such as the South East, South West, East Midlands and East of England are likely to feel the worst of the house price falls, which could be a sign for buyers to consider opportunities in other areas.
It’s worth noting that house prices are already falling year-on-year in London (-0.2%) and Northern Ireland (-0.8%). This decline in prices could be a sign of things to come in other regions, as factors such as job uncertainty and Brexit continue to play a significant role in the market.
So, what should prospective buyers and sellers take from this data? While there are some positives to take from the recent reports, the market is still volatile, and things could change. It’s worth keeping an eye on the situation and being prepared for any potential house price shifts in the future.
To sum it up, UK house prices are showing some positive signs, but there are still concerns about the market’s future. If you’re in the process of buying or selling a property, it’s essential to stay up-to-date with the latest market data and tailor your plans accordingly. With that in mind, there’s still hope for the UK property market in the coming years, and positive shifts could be around the corner.
If you ever need help buying or selling a house don’t hesitate to Get in touch with our Billericay Estate Agents – we’re here for you!
