House prices are on the decline across the UK as the property market shows signs of cooling down. Whilst property costs have been notably high over the last few years, the average price of a home has now dropped by more than five per cent over the last 12 months.
Robert explained: "Housing market activity remains weak, with just 45,400 mortgages approved for house purchase in August, 30 per cent below the monthly average prevailing in 2019 before the pandemic struck. This relatively subdued picture is not surprising given the more challenging picture for housing affordability.
"Enquiries may be up, as buyers return buoyed by improving mortgage rates and higher stock levels, but turning interest into concrete deals is a challenge when people cannot match aspirations with buying power. For those wanting to sell their home, Alice says sellers may need to lower their expectations: "With house price falls likely to accelerate from here, sellers may need to lower their asking price to secure a sale – though this might balance out if they are moving and can negotiate a better deal on their next purchase.
"It's also no surprise that demand for flats has held up, as they are typically less expensive and many people are now buying cheaper properties due to the higher cost of borrowing. The fact that flats have also seen the largest year-on-year fall in prices is also making them more attractive to people, especially first-time buyers.
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