itemprop=description content=Despite recent house price falls,the average property value remains more than £39,000 above pre-pandemic levels, Halifax said.
The average UK house price fell by 0.4% in September, but it remains higher than the level recorded in the month that the Bank of England started its run of rate rises, according to an index.But Halifax, which released the index, said the average property price remains 1.0% above the level seen in December 2021, the month when base rate started to edge up, from 0.1% to 0.25%.
Kim Kinnaird, director, Halifax Mortgages, said average UK house prices “remain some £39,400 higher than in March 2020, such was the extraordinary growth seen during the pandemic. “However, with base rate now likely to be at or around its peak, we are seeing fixed-rate mortgages deals ease back from recent highs.
“Overall, these factors are likely to keep mortgage rates elevated in comparison to recent years, constraining buyer demand and putting downward pressure on house prices into next year.” Tom Bill, head of UK residential research at Knight Frank, said: “The financial pain entering the system will continue next year as people roll off fixed-rate deals, but there will be an improvement in sentiment, that vital lubricant in the housing market.
Alice Haine, personal finance analyst at investment platform Bestinvest said: “Lenders have made a flurry of rate cuts in recent weeks, but attractive offers can sometimes mask higher arrangement or product fees, while some providers are also weaving in separate booking, valuation or conveyancing fees on top.
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