Halifax have reported a two-month consecutive decrease in house prices from August 2022. This has meant the average UK home has decreased from £293,664 to £292,598. This dropped the annual rate of growth to +8.3%, down from +9.8%. While we have seen a decrease, it is important to note that in the past twelve months Halifax have seen the average price increase by £22,000 and nearly £60,000 across the last three years!
There is understanding that the cost of living combined with the acceleration of mortgage rate increases has meant that budgets for house bills are not as comfortable as they were six months ago. Therefore, the amount of disposable income that buyers have is not as much as before and so may be working with a smaller affordability or looking to downsize. This has also led to consumers being cautious about coming to the market as a whole.