Falling demand fails to curb house price rises

New research reveals despite demand falling, UK house prices are still rising.

According to TwentyEA asking prices at original instruction have risen nearly 3.5% in the last year and more than 24% since 2019.

Exchange prices have also grown by 4.7% over the course of the last year and more than 22% since 2019.

London saw the lowest exchanged price growth

Katy Billany, executive director of TwentyEA says: “The growth in instruction prices year on year has been highest in Northern Ireland (9%), the North-West (7.5%) and Scotland (7.1%).

“In terms of exchanged prices, Northern Ireland again saw the highest growth rate at 8.2% and the only other region above 7% was the South-West.  Outer London saw the lowest exchanged price growth at 2.8.”

Northern Ireland and London have experienced the smallest growth in price changes

Price changes on listings have increased in every price bracket, but the greatest increase is in the £200k to £350k range.  A feature of 2023 to date has been the substantial increase in the volume of price changes on listings.

Ms Billany said: “Looking at the last year’s movement in isolation (with growth close to 100%), it suggests that it may be an issue in 2023. However, when we compare the data to pre-pandemic 2019, we see that the level in 2023 is in fact the ‘norm’.

“As we can see from our research, London and Northern Ireland have experienced the smallest growth in price changes (19% and +43% respectively).”