House Prices Drop For The First Time This Year

Why have the house prices dropped?

It is currently the summer holiday period, the first without any travel restrictions since the pandemic. This means that people are less interested in the property market currently and the market has slowed down. Many people have put off their moving plans until their summer holidays are over. Due to this, fewer properties are being put on the market, and fewer people are looking at properties to move into. This results in a seasonal drop in housing prices, which was a common occurrence pre covid.  Travel this summer has returned to normal and the normal trends in the housing market have also returned.

Selling in summer? Click here for our advice.

Will they drop further?

However, many agents are advising sellers to hold off and put their properties on the market in September. The housing price drop is not expected to drop even further as there is still a mismatch between strong levels of buyer demand, and homes available to buy. Furthermore, autumn is a very busy time in the housing market as many people look to move before the new year which may bring potential price rises.

To read about rising interest prices click here.