UK house prices fall year-on-year for first time since June 2020; Bank of England governor Andrew Bailey to speak at cost of living conference
Victoria Scholar, head of investment at interactive investor, said:
The housing market is struggling under the weight of lacklustre economic growth, a softening consumer, falling real wages, and rising mortgage rates as the Bank of England continues to raise rates. Potential homeowners appear to be holding off in anticipation that mortgage rates and house prices will cool later this year. Stemming an even steeper slide is the chronic shortage of housing supply in the UK.
According to Zoopla, UK home sellers have had to cut £14,000 from their asking prices on average with 40% of properties having to lower their price online in order to attract buyers. However looking longer term, data from Halifax indicated that over three years from January 2020 to December 2022, house prices have risen by just over 20%, with particular strength for larger properties outside of busy urban areas after the pandemic saw many house buyers hunt for more space for a working from home office as well as a garden. Meanwhile urban areas have struggled with flats in London climbing the least.
The market remains uncertain. Our marketing campaign has helped improve the group’s sales rates in the new year from the lows at the end of 2022, but they still remain lower year on year. We have carefully managed our pricing, recognising the improved value and energy efficiency of our product in these difficult times and sales prices have proved resilient. We responded quickly to stimulate sales, enhance cost controls and preserve cash, promptly slowing new land investment in the fourth quarter of last year.
Nonetheless, the sales rates seen over the last five months mean completions will be down markedly this year and as a consequence, so will margin and profits. However, it is too early to provide firm guidance.
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