UK House Prices Start To Tumble
Introduction
According to the latest data from the Office for National Statistics (ONS), house prices in the UK fell 2.1% year-on-year in November 2023. This marks the first annual decline since the 2008 financial crisis and suggests the long-running UK housing boom may finally be over. In this blog, I’ll analyze the key factors behind the slide in prices and what it could mean going forward.
The Suburban Housing Boom Goes Bust: How the Pandemic Frenzy Led to Crashing Prices
When the pandemic first hit in early 2020, it triggered a mass migration out of crowded cities as people sought larger homes and more space in the suburbs and countryside. This surge in demand led to rapidly rising house prices in commuter belts and rural areas. However, three years later, the suburban housing frenzy has gone bust. Owners in these former hotspots are now suffering the steepest price declines as mortgage rates soar.
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