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In the third quarter of 2023, the UK’s housing market witnessed a widespread decrease in house prices across all regions. The South West experienced the most significant decline, with a 6.3% drop, while Northern Ireland remained the most resilient region, with a modest 1.8% fall in prices.
Particularly, Wales saw a sharp 5.4% decrease, and Scotland’s annual price growth slowed to -4.2% from the previous quarter. In the North and South of England, house prices also decreased by 3.9% and 4.8%, respectively.
Robert Gardner, Nationwide’s Chief Economist, said: “Annual house price growth was unchanged at -5.3% in September. Prices were also flat over the month, after taking account of seasonal effects, following the 0.8% decline seen in August.
However, investors have marked down their expectations for the future path of Bank Rate in recent months amid signs that underlying inflation pressures in the UK economy are finally easing, and with labour market conditions softening. This in turn has put downward pressure on longer-term interest rates which underpin fixed-rate mortgage pricing. If sustained, this will ease some of the pressure on those remortgaging or looking to buy a home.”
London remains the most expensive region to purchase a home in alongside the north region being the most affordable option for buyers.
Northern Ireland shows a promising position with the strongest annual change of -1.8% this year. The South West region remains marginally unchanged, making this the weakest region for pricing changes compared to last year.
Here at Sourced Capital, we have projects based across the UK. If you would like to learn more about our latest investment opportunities, you can view them here.
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Data source: Nationwide
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