MortgagesDec 7 2022

House prices see largest monthly fall since 2008

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House prices see largest monthly fall since 2008
Photographer: Chris Ratcliffe/Bloomberg

Hannah Bashford, director of mortgage brokerage, Model Financial Solutions said: "Everyone has checked out for Christmas. We’re seeing most people adopt a wait-and-see and let’s-look-seriously-in-January attitude.”

“This has stopped the market in its tracks and it’s no wonder house price growth has slowed,” she added.

In Bashford’s view, cautious surveyors and a rise in down valuations are also causing price adjustments. 

“This is not a bad thing, as house prices have been over inflated since the pandemic and to ensure first-time buyers have a chance of buying by the time they’re 37 — the average age of a first-time buyer — prices had to come down. 

“January is going to be busy when all the festivities are over and people want a project for the new year,” Bashford said.