House prices in August 2023 were 4.6% lower than the same month a year earlier.
It’s time to take a look at the Halifax House Price Index for August 2023, which was published today.
The data shows that UK house prices fell again in August, with the monthly drop of -1.9% the steepest since last November, following a period of relative stability. While there is always a seasonality effect at this time of year, it also isn’t surprising given the pace of mortgage rate increases over June and July.
According to the index, all UK nations and the nine English regions registered a decline in house prices over the last year, with northern locations generally proving to be more resilient than areas in the south.
In summary:
- Average house price fell by -1.9% in August, the largest monthly fall since November 2022.
- Property prices dropped by -4.6% on an annual basis, from -2.5% in July, though prices were at a record peak last summer.
- Typical UK home now costs £279,569, down by around £14,000 over the last year, back to the level seen in early 2022.
- Average prices remain around £40,000 above pre-pandemic levels.
- Southern England and Wales seeing most downward pressure on property prices, Scotland showing greater resilience.
The next Halifax House Price Index is scheduled for release on Friday 6th October 2023.
