House price crash:1 Nov 2023 11:18
UK market 'extremely weak' as prices drop by £35,000 on average...
House prices have plummeted by an average of £35,000 in a huge blow to homeowners desperately scrambling to sell their properties.
House prices rose by 0.9 percent on average month-on-month in October, according to Nationwide Building Society, but they were 3.3 percent lower compared to the same month last year.
The average house price in the UK for October was £259,423, reflecting a whopping decrease of £34,577 from December 2022, when the average stood at £294,000.
Robert Gardner, Nationwide's chief economist, said that despite the month-on-month rise in prices, housing market activity "has remained extremely weak, with just 43,300 mortgages approved for house purchase in September, around 30 percent below the monthly average prevailing in 2019".
Other analysts have described the "unexpected uplift" as a "glimmer of hope" for homeowners that the worst of the downturn may be over.
Alice Haine, personal finance analyst at Bestinvest, commented: "Britain's house prices rose 0.9 percent on the month in October, offering a glimmer of hope to homeowners that the worst of the downturn may be over. The unexpected uplift led to an improvement in the annual rate of house price growth, which dropped by -3.3 percent from a decline of -5.3 percent in September."
But while this may deliver some relief, Ms Haine noted: "The uptick reflects the low stock of properties up for sale as high borrowing costs and uncertain conditions caused many sellers to delay putting their home up for sale."
In the last month, the Bank of England's Money and Credit Report indicated a significant decrease in mortgage approvals, dropping from 45,400 in August to 43,300, marking their lowest level since January.
read more;
https://www.msn.com/en-gb/money/other/house-price-crash-uk-market-extremely-weak-as-prices-drop-by-35-000-on-average/ar-AA1jchyx?ocid=msedgntp&cvid=c5fc07df34974124ae838eeedcbfce83&ei=12
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