UK House Prices Fall for The First time in 10 years



UK house prices have experienced their first year-on-year decline in over a decade in May 2023, as higher mortgage rates have deterred potential buyers. 

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UK house prices have experienced their first year-on-year decline in over a decade in May 2023, as higher mortgage rates have deterred potential buyers. 

According to Halifax, property prices fell by 1% in May 2023 compared to May 2022, marking the first annual decline since December 2012. As of April 2023, the average interest rate on new mortgages rose to 4.5%, the highest level since 2008. The Bank of England's monetary policy meeting this month is expected to raise interest rates to 4.75%, with the possibility of exceeding 5% by year-end. 

UK House Prices Fall for The First time in 10 years

Halifax's report shows that the average UK property price has fallen by around £3,000 over the past year and is down approximately £7,500 from its peak in August 2022. Nevertheless, prices remain up £5,000 since the end of last year and £25,000 higher than two years ago, reflecting the post-pandemic boom. The annual decline was due to both existing homes and apartments falling by 1.9%, while townhouses and duplexes recorded smaller declines of 1% and 0.5%, respectively. Detached house prices increased slightly by 0.4%. 

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The South of England performed the worst, with the South East, South West, and Greater London recording year-on-year declines of 1.6%, 1.4%, and 1.2%, respectively. On the other hand, the West Midlands region continued to be the best performing region with a year-over-year increase of 2.7%. In early June 2023, mortgage provider Nationwide announced that house prices in the UK fell year-on-year at a rate of 3.4% in May 2023, the largest drop since 2009. With the BoE expected to increase interest rates, it remains to be seen if this trend will continue or if the market will stabilize.

UK House Prices Fall for The First time in 10 years

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