House priced dropped by 5.3% annually in August - taking the average property value to £259,153
Ms Barclay added a shortage of new homes being built in the UK will ultimately lead to house prices rising, saying: “It is also important to bear in mind that Britain is still building nowhere near the number of new homes it needs in order to keep up with demand. This shortage will, in turn, prop up the average value of homes.”
She said: “When looking at the current situation in the housing market, it is predicted that it will continue to fall into 2024. If interest rates and mortgages stay high, people will continue to avoid trying to borrow large sums of money, meaning that there will be a lower number of houses being bought. Due to the lack of competition that this will cause in the housing market, property prices could fall further.
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