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UK house prices experience first drop in 6 months

UK house prices experience first drop in 6 months

Posted on April 29, 2024   |  

UK house prices fell by 1% in March 2024, contrasting with a 0.3% rise in February, bringing the average price to £288,430, down £2,908 from the previous month.

Similar trends were observed in recent data from Nationwide, showing a 0.2% month-on-month decline in average UK house prices.

The opening quarter of 2024 witnessed an overall increase in UK house prices, supported by reduced mortgage rates and the anticipation of further interest rate cuts by the Bank of England.

Between early March and April 2024, two-year fixed-rate mortgages rose from 5.76% to 5.80%, and five-year fixed-rate mortgages increased from 5.23% to 5.39%.

Despite higher mortgage rates, average house prices remain approximately £50,000 higher than pre-pandemic levels, with current rates 2%-3% greater than pre-pandemic rates.

February saw a 9% month-on-month increase in house sales, totaling 82,940 transactions, indicating sustained buyer interest despite rising mortgage rates and highlighting the urgency for many homeowners involved in moving chains.



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