Usually, this time of year sees the housing market recover from a quiet summer. However, according to Rightmove, “the number of sale contracts is 17% lower than this time last year.” Sarah Coles, personal finance head at Hargreaves Lansdown, stated, “This has been the most sluggish October rebound since the financial crisis.” Typically, we observe buyers returning to the market with enthusiasm to purchase properties before Christmas following the summer vacation.

This year, the market seems stagnant, transitioning almost directly from summer stagnation to winter dormancy. While property prices have dropped by 0.8% over the year, they have risen by 0.5% month-on-month, increasing by £1,950. However, this is historically the lowest in 20 years, a significant deviation from Rightmove’s normal 1.4% for October.

Experts predict an overall 2-3% decline in property prices for 2023. Halifax, owned by the Lloyds Banking Group, also anticipates a decline in property prices this year. The recent Halifax housing price index revealed a 0.4% decline in average property prices in September, marking a continuous decline for the first six months of 2023.

According to this index, the current average property price is £278,601. The recent dip in property prices is attributed to factors such as interest rate hikes and concerns over economic downturns. With the ongoing uncertainty in the real estate market, sellers need to adjust their price expectations, and buyers should make careful choices.

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