May 2023: Prices weakening across the country but Harrow remains robust
Mon 01 May 2023
According to the latest release of the Nationwide House Price Index, the UK housing market saw its weakest annual growth since 2012, with house prices falling 1.1% year on year in February, the first annual decline since June 2020. February also saw a monthly fall of 0.5%, making it the sixth consecutive month of decline.
The trend reflects a lingering impact on confidence and financial pressures on households as inflation continues to outpace wage growth and mortgage rates remain high. Despite improved consumer sentiment, the housing market is unlikely to regain momentum in the near term, given economic headwinds and prohibitively high deposit requirements for many. However, the situation may improve if inflation moderates in the coming months, easing pressure on household budgets.
“Houses in Harrow now sell for £575,000 on average, 13% higher than 12 months ago.”
Halifax meanwhile report that The UK's annual house price growth has remained unchanged at +2.1% for the third consecutive month. The average house price in February was £285,476, a 1.1% increase from January, but overall prices are flat compared to three months ago. The rate of annual growth slowed in all nations and regions during February, with the most significant decrease in the North East.
The annual price inflation remains stronger for new houses (+6.6%) than for existing properties (+1.1%). The average price of a flat in Harrow is now £350,000, 6.3% higher than last year. Houses now sell for £575,000 on average, 13% higher than 12 months ago.
The trend reflects a lingering impact on confidence and financial pressures on households as inflation continues to outpace wage growth and mortgage rates remain high. Despite improved consumer sentiment, the housing market is unlikely to regain momentum in the near term, given economic headwinds and prohibitively high deposit requirements for many. However, the situation may improve if inflation moderates in the coming months, easing pressure on household budgets.
“Houses in Harrow now sell for £575,000 on average, 13% higher than 12 months ago.”
Halifax meanwhile report that The UK's annual house price growth has remained unchanged at +2.1% for the third consecutive month. The average house price in February was £285,476, a 1.1% increase from January, but overall prices are flat compared to three months ago. The rate of annual growth slowed in all nations and regions during February, with the most significant decrease in the North East.
The annual price inflation remains stronger for new houses (+6.6%) than for existing properties (+1.1%). The average price of a flat in Harrow is now £350,000, 6.3% higher than last year. Houses now sell for £575,000 on average, 13% higher than 12 months ago.