WHAT’S HAPPENING TO HOUSE PRICES? – WHICH?

Experts predict price drops as mortgage rates rise.

The Land Registry reports that house prices rose by 14% year-on-year in August, but these figures aren’t quite what they seem.

This huge jump reflects a distorted property market last summer after the end of the stamp duty holiday. Buyers rushed to purchase homes in June 2021 to benefit from tax savings of up to £15,000, resulting in a lull in July and August.

In reality, house price growth has been dropping off for a while. Data from Rightmove, Halifax and Nationwide shows prices flatlining month-on-month, and experts expect falls next year amid the rising cost of living and soaring mortgage rates.

Here, Which? analyses what’s happening to house prices and explains what might be next for the property market.

To understand more about the mortgage services we offer visit our Mortgage page

If you are thinking of arranging a mortgage and would like advice Contact us

If you found this article useful and would like more market updates visit our articles page