In the year to March house prices had the biggest annual fall since 2009, according to Nationwide Building Society. But figures from Halifax paint a different picture. The bank said that house prices had gone up 1.6% in a year.
The housing market still has some momentum and prices have climbed over the past year. But surging mortgage rates and the cost of living crisis have hit household budgets. And the rate of property price growth is now stalling, even falling.
According to Zoopla, the number of new property sales agreed fell by 28% in the year to December. Sellers are having to accept an average 4.5% discount to the asking price to achieve a sale. According to Zoopla this discount amounts to £14,100.
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