New data released by the Nationwide shows house prices in every region of the UK slowing - and in most of them, falling.
The mortgage lender recently released data showing that UK-wide average prices saw their steepest fall in over a decade in March, down 3.1 per cent annually - this is the largest annual decline since July 2009. The decline has sharply accelerated from the 1.1 per cent fall recorded in February.
Now the Nationwide has released regional data for the first quarter of 2023. Nine out of our 13 regions recorded annual house price declines in Q1.
Scotland remained the weakest performing region with prices down 3.1 per cent compared with a year ago, a sharp slowing from the 3.3 per cent year-on-year increase the previous quarter.
East Anglia, which was the strongest performing region last quarter, saw a significant slowdown, with prices falling 1.8 per cent year-on-year, making it the weakest performing English region. The neighbouring Outer South East saw a 1.5 per cent year-on-year decline, while London saw a 1.4 per cent fall.
The West Midlands was the strongest performing region, with prices up 1.4 per cent compared with a year ago.
Across northern England overall (which comprises North, North West, Yorkshire & The Humber, East Midlands and West Midlands), prices were flat compared with Q1 2022.
Meanwhile southern England (South West, Outer South East, Outer Metropolitan, London and East Anglia) saw a 1.1 per cent decline.
Northern Ireland saw a noticeable slowing in annual house price growth, although prices were still up 1.3 per cent year-on-year. Meanwhile in Wales, annual house price growth slowed from up 4.5 per cent in the previous quarter to show a fall of 0.7 per cent in early 2023.
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This really is a non story, we all can see the fall in prices and houses stay on the market.
A tidy terraced house next to one of mine is empty and up for sale, couple of wks ago a sold board appeared on it, yesterday I saw a for sale board up there again, these sales all seem to be falling out of bed, maybe the lenders surveyor didn't agree the value
I have heard that one in 2 sales currently falling through instead of the usual one in 3. I guess that's why estate agents are keen to find reliable buyers in the first place and ask for more proof of funds, mortgage etc. As the whole process takes so long a lot can go wrong, and of course people who are inexperienced don't know that a so called survey is just a risk management exercise and will point out everything that could be wrong with the property.
Deeper analysis required which can be found online on land registry web site Comparing house price indices in the UK. This article is based only on nationwide mortgages agreed (something like 12% of the total) and doesn't include cash sales or oddly BTL. The true figure will only be visible from land registry in due course.
Sad landlord. HMLR does not include auction prices. A lot of publicity about property prices comes from people with a vested interest.
That is true, I check local auction results because I have a vested interest, Joe public wouldn't though
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