UK house prices fall for the first time this year

[Mark Rocks]

According to Rightmove, prices for UK houses have fallen by 1.3% - which is the first time they’ve taken a dip all year. 

Timing-wise, it’s easy to believe that rising inflation and costs of living have had a knock-on effect on housing prices. 

But based on past trends, it appears that house prices have taken a hit every Summer for the past decade. 

So rather than seeing this as a sign of the market beginning to topple, we’d suggest waiting before letting any panic set in. 

[EvolutionBlogger]

about bloody time!

[george-choy]

Yes, annual house price growth was down in July in both 2020 and 2021...which as we all know had an overall massive growth in house prices.

So for the moment, this is the same pattern as before and not yet an indicator.

Interest rates have increased but they are still extremely low compared with the past. Combine that with the scrapping of the mortgage affordability test for home buyers (which means people can borrow larger amounts of money and pay more for a house), means it does not necessarily mean that an increase in interest rates will result in lower house prices by year end. Of course, it will probably take a number of months for the loosening of the reins by the banks and other lenders, so the effect might be delayed.

[probsmark]

I reckon the property prices will go up again, in 2 months time.

[taylor001]

Price was down but hope to see rise again after new year

[probsmark]

On 8/17/2022 at 9:23 AM, Mark Rocks said:

According to Rightmove, prices for UK houses have fallen by 1.3% - which is the first time they’ve taken a dip all year. 

Timing-wise, it’s easy to believe that rising inflation and costs of living have had a knock-on effect on housing prices. 

But based on past trends, it appears that house prices have taken a hit every Summer for the past decade. 

So rather than seeing this as a sign of the market beginning to topple, we’d suggest waiting before letting any panic set in. 

But rent prices are going up because of interest... cant do anyhting