According to Rightmove’s most recently published data, house prices have proved more resilient than most expected during the first half of this year and are now 2.6% higher than in January.
That said, the average asking price of a home in the UK dropped by 0.2% in July, as some sellers are adjusting their expectations, following mortgage and interest rates rise.
There are just 4 regions in Britain where prices have actually risen and Yorkshire & Humber is one of the four, with the other regions to show an increase being the East Midlands, South West and London.
Experts’ opinions vary, but suggest that overall, in 2023, average asking prices will have decreased by between 2% and 8% by December, but it’s important to note that prices are still 20% higher than they were in July 2019 before the pandemic hit.
There is good news on the horizon, as Savills predicts that even if asking prices drop this year, if interest rates stabilize and mortgage lenders begin to cut their mortgage rates next year, house prices will start to recover by the end of 2024.