23 November 2022
Over the past few years, house prices have steadily risen, mirroring the demand for new property on the market, however, the latest Halifax House Price index indicates a slight decrease for the latest month.
The impact of Covid-19 has remarkably imprinted the housing market, with prices reaching their peak. However, now prices are stabilising, many are concerned with the current dip in the market.
It’s no news to anyone that reactive mortgage rates have placed first-time buyers in a tough position, alongside the increasing bills from the cost-of-living crisis, so, a dip may be a good thing to buyers across the Southeast.
Halifax’s latest House Price Index showed that average property values were down 0.4%, marking the current average house price at £292,598. *
Director of Halifax Mortgages, Kim Kinnaird, points out that even though there is a current dip, house prices have risen more than £22,000 in the last 12 months, and if we throwback to the same month a year prior, house prices have risen 8.3%.
Though we did expect a post-pandemic slow, the recent mini-budget accelerated the market through mortgage rate increases.
For first-time buyers, the road ahead may be looking narrow. November marks the end of applications for the Help to Buy scheme, where first-time buyers could get a 5% deposit for their first property, meaning if you are looking for your first home, you will have to get on board with saving for a hefty deposit.
So, even though house prices are seeing a downturn at the end of this year, we are still in a competitive market, and house prices are simply returning to a ‘normal’ level.
With Wards, you can get an exclusive insight into just how much your property is potentially worth with our completely free, no-obligation property appraisal.
Have you heard? Currently, if you have a free property appraisal with us, we will give £100 to Barnardo’s on your behalf! Why not check out just how we are planning to make a difference and help vulnerable children in your area in our article here.
*https://www.halifax.co.uk/media-centre/house-price-index.html