Britain’s housing market is now exactly where housing experts feared it would be: completely stalled.
This time last year house prices were rising at a rate of 9.2 per cent – this is known as house price inflation . Now HPI is declining by 1.1 per cent.
Call it a housing market downturn, realignment, crash or correction, the fact is that house prices are coming down slowly. But the housing market is stalled because there is very little going on: People aren’t really buying or selling.show that the number of mortgages getting over the line and completing fell even further to around 43,300 in September compared to 45,500 in August.. The provisional seasonally adjusted estimate of the number of UK residential transactions in September 2023 is 85,610, 17 per cent lower than in September 2022.has done on X this morning.
The Bank of England will make another interest rate decision this Thursday. It is widely expected to keep the base rate where it is, at 5.25 per cent. If that happens, house prices will likely keep falling and the market will remain slow as buyers wait and hope that rates will come down further. It’s only good because this reform has been on the table for years and Housing Secretary Michael Gove has been forced to battle to get it over the line. And it’s not quite as radical as some had hoped.
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