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UK House Prices Dip: London Sees Sharpest Fall
19 Nov
Summary
- UK average house prices decreased by 0.6% between August and September.
- London and South East England experienced significant price drops.
- Over a third of listed homes have had asking price reductions.
Official figures reveal that UK house prices fell by 0.6% in September compared to August, marking a downturn across most English regions. London and the South East experienced notable price decreases, with London being the only region with a year-on-year price drop. This trend is corroborated by other market indicators, such as a significant increase in sellers reducing their asking prices.
Recent data shows that over one-third of homes on the market have seen price reductions, averaging a 7% decrease. Property portals report a substantial drop in average asking prices nationwide for November. Furthermore, buyer enquiries have declined for three consecutive months, with most regions experiencing reduced demand, signaling a broader market slowdown.
Experts suggest that market uncertainty, partly fueled by speculation surrounding the Autumn Budget, has contributed to this shift. While annual prices remain higher year-on-year, the recent falls are eroding earlier gains. This cooling market, combined with reduced buyer sentiment and price negotiations, is expected to lead to further price moderation in the coming months.
