Due to higher interest rates, house prices in the UK are falling at their fastest rate in years. This is making it a buyers’ market, but which areas are seeing the biggest drops?Prices slashed
As reported in the Guardian, house prices fell by 4.7 per cent in September 2023. This was the fastest annual rate fall in 14 years.
As Christmas approaches, sellers are continuing to lower their prices; however, there are differences in price fluctuations depending on the area. There have been yearly price drops in the South and Midlands; however, the North of England, Scotland and Wales have seen price rises in newly marketed properties. This may be due to greater demand for more rural locations, with working from home a permanent feature since the pandemic.
In London, Merton and Richmond have seen the biggest falls, as have the cities of Southampton, Bournemouth, and Cambridge.
Do your homework
It may be tempting to go for a bargain, but it is important to remember to check every property and carry out a survey. Depending on your budget, look at the difference between level 2 and level 3 survey criteria before deciding which is best. The main difference between a level 2 and level 3 survey is the level of investigation of a property and any hidden issues.
Cost will play a big part in the choice, but it is worth speaking to a conveyancing expert about the difference between level 2 and level 3 survey criteria before deciding which is right for you.
With no end in sight to the current economic downturn, now could be the perfect time to consider a move, whether for a slower pace of life or the chance to downsize and add to your savings pot.