The first property price fall this year has been recorded by Rightmove with a 1.3% drop or £4,795 knocked of the average asking price taking it down to £365,173, though it cautions that traditionally prices do fall in August.
As the school holidays are in full swing, distracted home-movers, especially those in higher-prices homes, appear to be putting their plans on hold until the autumn moving season. It’s likely that the impact of interest rate rises will gradually filter through during the rest of the year, but right now the data shows that they are not having a significant impact on the number of people wanting to move.
Demand has eased and there is now more choice for buyers, but the two remain at odds and will prevent major price falls this year. For those looking to move who are concerned about interest rate rises, it’s important that they get a mortgage in principle early on in their moving journey to understand what they could afford to borrow and find out about the rates available to them to assess what they are able to repay each month.
