According to Greycoat, there has been a notable decline in house prices in the UK. By September this year, the renting prices decline was confirmed to be 5.3% compared to September 2022. This has been the biggest fall since August 2009. 

Unfortunately, as Greycoat specialists recall, this is expected to continue for the next few years if the world economy remains as it is now. An average home price is currently going for 257,808 pounds, which is almost 14,500 pounds lower than 2022. This is one of the most challenging moments in the real estate industry. 

However, Greycoat Real Estate is growing stronger and still giving the best services to its clients. According to Greycoat, the fall in house prices is caused by housing affordability. The low-interest rates of 5.25% have led to a positive response from buyers (Bisnow). 

People are now more secure and feel safe to do property searches and apply for mortgages than it was before. New buyers are now more careful and paying a lot of consideration to their budget. They’re also factoring in the high cost of living and future rate hikes, among others. Still, Greycoat assures, the city’s increasing property demand outpaces supply, fostering healthy real estate competition. 

While house prices may face near-term challenges, the expected outcome is a gentle landing. The notion of a peak market boosts buyer confidence in mortgage applications. This will up things for the real estate market, promising a beehive of activities during the autumn season. Many sellers are also comfortable and ready to put their homes on the market. Greycoat Real Estate is market-ready, aiming for a harmonious balance between homeowners and buyers.