UK House Prices Drop: Is It Time to Buy?



UK house prices have fallen for the first time since 2012, while rents continue to rise. Is now the right time to buy a house in the UK? Find out more about the current housing market trends and whether it's a good opportunity to invest.

The UK house prices experienced their first annual decline since 2012 in September, while rents surged, indicating the fragile state of the housing market, according to official data from the Office for National Statistics (ONS). The ONS reported a 0.1% decrease in house prices in the year to September, marking the first annual fall since April 2012, following a 0.8% increase in August. In London, prices declined by 1.1%, with the average UK house price standing at £291,000 (€334,079) in September 2023.


UK House Prices Drop: Is It Time to Buy?

The UK housing market which flourished during the COVID-19 pandemic, has been impacted by higher borrowing costs as the Bank of England grapples with the highest rate of inflation among large advanced economies. Mortgage lenders Halifax and Nationwide both noted that house prices continued to decline in annual terms in October, although there was a slight increase in prices on a monthly basis.

Meanwhile, rental prices have been skyrocketing, with the ONS reporting a 6.1% increase in private rents in the 12 months to October, the largest annual rise since data collection began in 2016, up from 5.7% in September. Additionally, separate figures from the Ministry of Justice revealed a surge in the number of no-fault eviction claims in England, reaching the highest level in over seven years. No-fault eviction claims, which enable landlords to terminate tenancies without providing a specific reason and seek court intervention when tenants refuse to vacate voluntarily, surged by 38% in the three months to September compared to the same period last year.

During the pandemic, no-fault evictions were prohibited, and the Renters Reform Bill, aimed at implementing a permanent ban, has faced ongoing delays.

In conclusion, the UK housing market has experienced a significant shift, with house prices seeing their first annual decline in nearly a decade, while rental prices continue to surge. The impact of higher borrowing costs and the ongoing debate surrounding no-fault evictions are contributing to the evolving landscape of the housing market.

UK House Prices Drop: Is It Time to Buy?

Support Ogusyis by making a contribution – no matter how small.


Enter your amount
£
Enter your amount
£
Enter your amount
£
Yourname
Email
Phone


Dutch Home Prices to Rise 14% by End 2026; De Nederlandsche Bank Predicts No Recession

De Nederlandsche Bank forecasts a 6% increase in Dutch home prices this year, with a steady 4% rise in the next two years. No more fear of recession for the Dutch economy.

De Nederlandsche Bank forecasts a 6% increase in Dutch home prices this year, with a steady 4% rise in the next two years. No more fear of recession for the Dutch economy.

Read more

Discover Why Costa Blanca Still a Top Choice for Foreign House Buyers in Spain

Discover why ALICANTE province, particularly the Costa Blanca, remains a top destination for foreign investors looking to invest in real estate in Spain, with 44% of property transactions in 2023 carried out by non-Spaniards.

Discover why ALICANTE province, particularly the Costa Blanca, remains a top destination for foreign investors looking to invest in real estate in Spain, with 44% of property transactions in 2023 carried out by non-Spaniards.

Read more

America's Rental Market: Regions with Climbing and Falling Rents

Discover the latest data on rental market trends in America, including regions where rents are on the rise and where they are falling.

Discover the latest data on rental market trends in America, including regions where rents are on the rise and where they are falling.

Read more

Purpose-Built Rentals: The Future of Commercial Real Estate?

Discover the future of commercial real estate with purpose-built rentals as highlighted in the latest Re/Max report. Explore how landlords are shifting towards this trend for increased density and profitability.

Discover the future of commercial real estate with purpose-built rentals as highlighted in the latest Re/Max report. Explore how landlords are shifting towards this trend for increased density and profitability.

Read more

US Homeowners Experience Near-Record Highs in Home Equity Growth

Discover the latest CoreLogic report findings showing US homeowners gaining an average of $28,000 in home equity over the past year.

Discover the latest CoreLogic report findings showing US homeowners gaining an average of $28,000 in home equity over the past year.

Read more

Rare Low-Rise City Centre Homes Portfolio Hits UK Residential Real Estate Market

Explore the latest update on the UK residential real estate market with the launch of a unique portfolio of 262 single-family houses in city centres, designed for institutional ownership in the UK rental real estate market.

Explore the latest update on the UK residential real estate market with the launch of a unique portfolio of 262 single-family houses in city centres, designed for institutional ownership in the UK rental real estate market.

Read more

Rise in Landlords Investing in Semi-Commercial Real Estate

Discover why investors are flocking to semi-commercial real estate, with applications doubling in 2024. Learn more in our latest blog post.

Discover why investors are flocking to semi-commercial real estate, with applications doubling in 2024. Learn more in our latest blog post.

Read more

Nearly Half of Landlords Planning to Buy More Properties | Landbay Survey

Landbay's latest survey shows strong landlord demand, with nearly half looking to purchase more properties in the next year.

Landbay\'s latest survey shows strong landlord demand, with nearly half looking to purchase more properties in the next year.

Read more

Canada: Montreal Home Sales Increase as Prices Surge

The Montreal real estate market sees a rise in home sales, with prices on the upswing. Find out more about the latest trends in the region.

The Montreal real estate market sees a rise in home sales, with prices on the upswing. Find out more about the latest trends in the region.

Read more

Copyright © Ogusyis. All rights reserved. The Content may not be copied, distributed,  republished, uploaded, posted or transmitted in any way without the prior written consent of Ogusyis.