News & insights - House prices

First-time buyers trying to get onto the property ladder face different challenges depending on the region they’re buying in, new research shows.

Demand from property buyers was flat in April due to rising mortgage rates, according to the latest UK Residential survey from the Royal Institution of Chartered Surveyors (RICS), although it is expected to pick up over the next 12 months.

Ayrshire in Scotland is the most affordable area in the UK for first-time buyers, according to a new study from L&C, with the top 10 most expensive areas all in London.

House prices were down 1% in March compared to February, according to Halifax’s latest House Price Index, the first time they’ve fallen for six months.

The average property price increased by 0.7% in February, the building society said, bringing the price of an average home in the UK to £260,420, up from £257,656 in January. House prices are still around 3% lower than the all-time highs seen in summer 2022 when they reached an average of £273,751.

The property market is enjoying an early Spring bounce according to data from Rightmove, with agreed sales in the first six weeks of the year up 16% compared to the same period last year. The property website’s latest House Price Index shows that average new seller asking prices rose by 0.9% in February, adding an average of £3,091 to prices and bringing the average cost of a home in the UK to £362,839

UK house prices rose by 0.7% in January 2024, according to Nationwide’s latest House Price Index, with prices down by just 0.2% annually, the strongest figure since January 2023.

House prices rose for the third consecutive month in December according to the latest Halifax House Price Index, increasing by 1.1%.

UK house prices continued to rise in November, according to Halifax’s latest House Price Index, with prices up 0.5%, following a 1.2% increase in October.

The property market is starting to show some green shoots of recovery, with annual price growth at its strongest since February.

Buyers have a good chance of bagging a property bargain this winter, with sellers currently offering the biggest discounts for five years, according to new research.

Housing affordability has improved thanks to falling property prices and strong wage growth, although rising interest rates are making it expensive to buy, according to new research by Halifax.

House prices are now 5.3% below their peak in August last year, according to Nationwide’s House Price Index

Annual house price growth fell by nearly 4% in the 12 months to July, according to Nationwide, with higher mortgage rates continuing to affect affordability.

Average house prices edged down by -0.1% June, according to Halifax’s latest House Price Index

House prices see first annual fall in more than a decade UK house prices recorded their first annual fall since December 2012, according to Halifax’s latest House Price Index, with average prices having fallen by around £3,000 over the last 12 months. Although prices remained flat in May compared to April, the annual rate of growth fell to -1.0%, the first time this rate has fallen in 11 years. Kim Kinnaird, director of Halifax Mortgages said: ““Property prices have now fallen by about

House prices fell the seventh consecutive month, according to Nationwide.

After years of soaring house prices in many areas of the UK, prices have started to fall in recent months, but what causes them to drop?

The gap between the cost of owning a home and renting a property is at its widest since 2017, with the costs of owning a home £1,378 cheaper than renting in 2021.

The number of home moves in the UK reached its highest level in 14 years in the first half of 2021, with more than 265,000 people moving to a new property.

Demand from property buyers showed no signs of slowing in October, pushing up house prices across all parts of the UK, according to the latest RICS UK Residential survey.

First time buyers will be able to benefit from discounted new homes under a new ‘First Homes’ scheme proposed by the Government.

Data produced by HM Land Registry in December revealed staggering differences between the cheapest and most expensive properties sold.

After all that festive spending, the New Year is the ideal time to review your finances and look at ways you might be able to save money in 2020.

The amount first-time buyers are saving for a deposit has risen by 12% over the past year to reach an average of £30,989.