Average UK house price drops by 0.1% in year to September, data shows - Beritaja

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The mean value of a location in The UK dropped by 0.1% in The twelvemonth to September, charismatic figures person shown – The first yearly autumn for much than a decade.

The Office for National Statistics (ONS) figures, which are based connected completed sales, person shown yearly value ostentation slowing since July 2022, erstwhile The header complaint stood astatine 13.8%.

The ONS said The mean costs of a UK location was £291,000 in September, aft a 0.5% autumn during The month.

Prices in London fell by 1.1% complete The twelvemonth and 0.3% complete The month, to an mean of £537,000. In north-east England, The region pinch The lowest prices, location was a 1.6% yearly rise, to £163,000.

Across Scotland, prices were up by 2.5% twelvemonth connected year, to an mean of £195,000, while in Northern Ireland location was a 2.1% rise, to £180,000.

However, The ONS cautioned against reference excessively overmuch into The figures, saying they were taxable to revision, and that The number of income disposable arsenic a ground for its scale was “considerably little than historically … Revisions whitethorn beryllium larger than accustomed in coming months.”

The ONS information lags down different indices that are based connected purchases astatine The shape erstwhile a owe has been agreed, alternatively than connected completed sales. It besides includes rate purchases.

Other indices person shown falls during The summertime followed by slight increases in October arsenic a shortage of banal led to buyers offering much to unafraid properties.

A flimsy easing of liking rates whitethorn besides beryllium helping would-be buyers, pinch mortgage deals precocious edging backmost beneath 5%.

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This week, Halifax, First Direct and HSBC became The latest awesome lenders to trim rates, and Halifax now offering a five-year fixed-rate owe astatine 4.53% for borrowers pinch a 40% deposit.

Sarah Coles, The caput of individual finance astatine The proposal institution Hargreaves Lansdown, said The autumn in location prices had been expected.

“The marketplace has proved incredibly resilient in The look of overwhelming headwinds, but owe complaint hikes complete The summertime dealt The last blow, pushing prices into antagonistic territory,” she said.

“Even if these value drops don’t return hold, it’s still a really horrible clip to beryllium trying to waste a property,” she added.

Tom Bill, The caput of UK residential investigation astatine The spot agency Knight Frank, said: “The footnote tells a much important communicative than The header figures. Sales volumes person fallen by astir a fifth, making it much difficult for The Land Registry to cipher its index, which is The existent communicative of this slowdown.

“Price declines person been kept in cheque by hesitant buyers and sellers, but bladed trading intends house-price information should beryllium handled pinch care.”

Editor: Naga

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