” The increase in mortgage rates are a major factor as to why there has been such a drop in house prices. There is worry in the market that these interest rates could increase even further. There has been a slight reduction in the worry about these rates in recent weeks but we are not out of the woods yet. There exists a further possibility of a property crash.”
Nigel Holland
- House prices dip at fastest decline for 14 years.
- Annual drop of 3.8%.
- Prices down by 0.2% between June and July.
- Further Bank of England rate rises could be on the way.
- Average home price now £260,828 which is 4.5% below peak in August.
- Affordability remains an issue