The recent period of rapid house price inflation may now be at an end, reports Halifax but cautions keeping this in context as average property prices (now £292,598 down from £293,664 last month) have risen by more than £22,000 in the past 12 months, and by almost £60,000 or 25.7% over the last three years. While a post-pandemic slowdown was expected, there’s no doubt the housing market received a significant shock as a result of the mini-budget, which saw a sudden acceleration in mortgage rate increases. While it is likely that those rates have peaked for now it appears that recent events have encouraged those with existing mortgages to look at their options, and some would-be homebuyers to take a pause.
