Average house prices have now fallen sharply, lowest since February 2021:
House prices recorded the biggest monthly fall in October since early 2021, according to an index by Halifax. The average property value fell by 0.4 per cent, marking the third month-on-month drop seen in the past four months. The average house price in October was £292,598, which was the lowest figure since May this year, although typical prices remained near record highs. Annual price growth among home movers fell to 8.9 per cent in October, from 10.3 per cent in September. Given the greater challenges for first-time buyers in deposit-raising, plus tighter requirements for higher loan-to-value mortgages, the faster slowdown in prices is not surprising. It appears that recent events have encouraged those with existing mortgages to look at their options, and some would-be homebuyers to take a pause.
Is this a sign of recovery or depression?