The latest ONS House Price Index strongly suggests that the market is returning to pre-pandemic conditions. Although average house prices have grown by 7.8% in the year to June (a £20,000 uptick), they have dropped by a huge 12.8% in just a month.
The average UK house price is now £286,000, thanks to a peak in England (£305,000) and dips across Wales (213,000), Scotland (£192,000), and Northern Ireland (£169,000).
We spoke to Smartr365 Founder and CEO Conor Murphy to examine what this means for the sector.
“Whilst demand continues to outweigh supply, signs such as this indicate that property prices are beginning to stabilise. Nevertheless, economic uncertainty remains at the forefront of the minds of buyers and owners alike. On the one hand, prospective buyers may choose to ride out this period of volatility before securing a property later down the line. On the other, the cost of living crisis may cause homeowners to re-evaluate their current mortgage rates and secure a more cost-efficient deal.”
“Regardless, with uncertainty sweeping the UK housing market, intermediaries continue to have a unique role to play in mitigating the challenges faced by prospective homeowners. Increasingly, brokers are turning to technology to streamline and simplify the end-to-end mortgage journey, enabling clients to embark on a less stressful, more seamless home-buying process.”
Learn more from Conor in The Intermediary, here.