House prices fell again in September

House prices across the UK fell for the second time in three months in September, according to the latest data from Halifax. Prices declined 0.1% in September to an average of £293,835 as they retreated slightly from the record high of £293,992 in August. Halifax also expects “significant downward pressure” on prices over the coming months as the cost of living crisis bites and mortgage rates rise further. Home values had already dropped back in July, which marked their first fall in more than a year. For the third month in a row the annual rate of growth slowed with prices now 9.9% higher than they were this time last year. That compares with annual growth of 11.4% in August and 12.5% at the peak back in June. According to Halifax, London remains the region where prices are growing slowest, up 8.1% year-on-year. Prices are rising fastest in Wales, where home values are 14.8% above where they were this time last year. In Northern Ireland prices are up 10.9% over the past year and in Scotland they have risen 8.5%. A separate analysis of UK Land Registry data by Bloomberg found that, in the 12 months to the end of June, house prices in Tower Hamlets fell 12%, with the median price paid for an existing home in the borough at £460,368

BBC News (07/10/2022)   City AM (07/10/2022)   Daily Mail (07/10/2022)   Financial Times (07/10/2022)