In 2023, UK home prices will decline

UNITED KINGDOM: UK With London prices dropping as much as 8%, house prices are predicted to decline by 5% in 2019. The online real estate website noted that quarterly price growth has slowed significantly and predicted that prices will begin to decline in early 2023. (Reported by news source)

According to the report, new sales agreed are down 28% while buyer demand is around 50% lower than at this time last year. Our finances are being severely impacted by the cost-of-living crisis, and rising mortgage rates have turned away all but the most ardent buyers.

Committed buyers may still be able to purchase the home of their dreams because there are indications that many prospective sellers are willing to be a little more flexible with their asking prices.

Long-term price declines along with rising salaries and reduced mortgage rates may help close the affordability gap and enable more people get on the housing ladder.

In the second half of the year, UK home prices started to decline, with the average price of a home decreasing by 1.4% in November.