What is happening to UK house prices?

If you have been looking to buy or sell a house or flat in recent months, then it’s likely you will have noticed that changes are happening in the housing market.

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Prices are Falling

Indeed, the price of homes is reducing, which can be good news for those looking to buy. As of September 2023, the average price of a UK home is now at £291,000, representing a 0.1% drop on the previous year. The latest figures follow on from a twelve-month period in which property prices increased dramatically, so there is still some way to go before we see pre-pandemic house prices.

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You can find all of the data about the fall in house prices from the Office for National Statistics here.

And, when you need expert help with your prospective move, it makes sense to consult experts such as https://www.samconveyancing.co.uk/Conveyancing-Solicitors. After all, even when the list price of your dream property is less than you might have expected, there are still plenty of other essential factors to consider, from hiring the right conveyancing solicitors to booking a great removals firm.

The future could be bright for buyers

The lower price of homes is good news for first-time buyers, and means that even though the Help To Buy Scheme has ended, getting onto the property ladder could still be achievable. Those looking to add to a housing portfolio will also be in a strong position, depending on whether they can get a good mortgage deal. And choosing the right region to buy can also help to boost savings.

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Whilst the current drop in prices may seem small, this could be a great sign that the market is returning to a more affordable level after a turbulent few years.