Reported house price drops in the UK

Last updated on 8 April by Claire Flynn

Are UK house prices falling?

Last week, several news outlets reported that "house prices had fallen for the first time in six months". This was based on reports by both Nationwide and Halifax, with the latter stating that the average UK house price had dropped by 1% in March 2024 compared to the previous month.

Although Halifax did say that the average house price in March had risen by 0.3% in March, although this was a fall on the 1.6% annual growth seen in February.

Zoopla's latest House Price Index reported that the average UK house price in February was £263,900, a 0.3% decrease compared to last year. The decrease was most notable for detached houses (-0.8%) and flats (-0.3%) with increases seen for semi-detached (+0.3%) and terraced houses (+0.5%).

However, Zoopla also indicated that house price growth varies by region in the UK. While prices fell in southern regions such as East England (-2.3%) and the South East (-2%), they rose in both Northern Ireland (+4.1%) and Scotland (+2.1%).

Is now the right time to buy a property?

Whether it's the right time to buy a new property really depends on your circumstances. But if you do decide to go for it, remember:

1. Research your local property market - prices vary significantly across different areas and property types so staying up to date with what's happening in the place you want to buy in is important

2. Be realistic about your budget and affordability - even if house prices are falling where you want to buy, this is likely due to increases in mortgage rates which could impact what you can actually afford

3. Speak to an expert whole-of-market mortgage broker - with rates on most mortgages much higher than a few years ago, it's important to try and get the best deal possible, and speaking to an impartial adviser (like our lovely Mojo experts) can help you do that

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