According to current Halifax data, the average house price in the United Kingdom fell by 4.6% in August compared to last year as Greycoat real estate experts recall. As a result, the average home price in the UK has fallen to £279,569, the lowest level since early last year.

Industry Reactions

1. Matt Thompson, Head of Sales at Chestertons

Greycoat explains about this. Thompson suggests that the higher interest rates are putting financial pressure on UK families, making those who want to buy property adopt a more strategic and flexible approach in their property search. 

2. Nathan Emerson, CEO of Propertymark

On the other hand, Emerson sees a positive side to this situation, noting that house prices are becoming more affordable than people’s earnings. More homes are now being sold for less than their initial asking price, which gives buyers a chance to negotiate, thus improving affordability.

3. Nicky Stevenson, Managing Director at Fine & Country

Stevenson points out that higher borrowing costs and the usual summer slowdown have affected how much houses cost. Greycoat adds that even though fewer people buy houses in the summer, she thinks there will be more buyers in the fall. 

4. Tom Bill, Head of UK Residential Research at Knight Frank

He is also at Greycoat. Bill acknowledges that the rise in mortgage rates and the unpredictable economy have made people uncertain about the housing market. He expects that house prices will go down a little.

5. Jonathan Hopper, CEO of Garrington Property Finders

Hopper highlights the affordability challenge. Rising interest rates and limited borrowing power make it tough to buy homes, even with lower prices. Buyers either delay purchases or seek smaller, more affordable homes in different places.

Greycoat Real Estate’s Expertise

As the UK housing market changes, companies like Greycoat Real Estate are pivotal in ensuring a seamless transition for buyers and sellers, providing invaluable insights and strategies to navigate the shifting terrain.