Looking for a mortgage? Use this free comparison tool to find the best deal The website said house prices are on course to fall by up to 5% over 2023.įorecasts from the Office for Budget Responsibility (OBR) say that house prices could fall by 10% over the next two years. It found that average house prices had increased by 0.6% in the year to June, but this figure stood at 9.6% a year prior. Zoopla’s July house price index showed demand for UK homes had fallen by 18% over the past two months. Prices dipped 0.3% from June’s level, marking the fourth consecutive monthly dip. The Halifax house price index published on 7 August showed average house prices fell 2.4% in the year to July. This was the second fall in a month after prices fell by £82 in June. The latest Rightmove data published on 17 July showed the average asking price fell £905, a drop of 0.2%, to £371,907. Nationwide Building Society said that house prices had fallen by 3.8% in the year to July 2023, the biggest annual fall since 2009. The consensus among the banks and property websites is that house prices are now falling. Read more: What’s happening with UK mortgage rates? What’s happening with UK house prices?

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In this article, we look at if UK house prices will fall in 2023 and explain:

Meanwhile, Halifax has reported that house prices have fallen in four consecutive months. Despite a significant year-on-year dip, the building society’s data shows prices only fell slightly in the month to July, with the average property in Britain now costing £260,828.

Nationwide’s house price index for July showed the largest annual drop in UK house prices in fourteen years. Property website Zoopla has forecast prices to fall by 5% over 2023, as it found that demand for homes had fallen by 18% in the two months to July. If interest rates remain high for the long-term then house prices could fall by around 25% over the next five years, according to the Resolution Foundation, a think tank. We outline the latest market data and look at if house prices will fall this year. UK house prices have been volatile in 2023 as consecutive interest rate hikes hit sales and push up the price of mortgage deals.

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