Drop in house prices
3.1% is the drop in house prices year-on-year as of March 2023, according to data from Nationwide, representing the largest annual decline since July 2009. This equates to just over an £8,000 decrease in the average house price, bringing it to £257,122. Meanwhile, the number of mortgages approved for house purchase remains weak since the turbulence following the mini-budget, with buyers adopting a wait-and-see approach to the market.
