The Hometrack UK House Price Index analyses housing market trends at a city level on a monthly basis – across 20 cities, plus regions, and nationally.
Executive summary:
- The Housing market is transitioning to a buyers’ market as higher mortgage rates are set to cut buying power by up to 28%.
- The jump in house prices over the pandemic is compounding the affordability challenge, especially in southern England.
- Some regions have seen 10 years of house price growth compressed into two years.
- New sales are holding up with no sudden drop in demand in recent weeks – but buyer interest is weaker than a year ago.
- Asking price reductions are at the highest levels since before the pandemic as sellers adjust to more price-sensitive demand.
- Stamp duty changes will support regional markets and first-time buyers in southern England at a low cost to the exchequer.
You can read the latest full report online on the Hometrack website.