Let’s delve into the latest findings from the August 2023 Halifax House Price Index, just released today. The data reveals a 4.6% decrease in UK house prices compared to the same month last year.
In August, there was a noteworthy monthly decline of -1.9%, the sharpest drop since November of the previous year, following a period of relatively stable prices. While some seasonality typically occurs at this time of the year, these fluctuations are not unexpected, especially considering the rapid increase in mortgage rates seen in June and July.
The index indicates that house prices have fallen across all UK nations and the nine English regions over the past year, with regions in the north generally demonstrating more resilience compared to southern areas.
The next Halifax House Price Index is scheduled for release on Friday 6th October 2023.