According to the Nationwide Building Society UK House Prices Report, their property price indicates that house prices fell by 1.1% in the year to February 2023. This is the biggest fall in prices since 2012.
Why is the Halifax Property Index or Rightmove Asking Price Index different to Nationwide’s?
Usually both Halifax’s index and Nationwide’s index follow similar upward and downward trends although average prices will differ because the representative properties that each index tracks will be marginally different.
The Halifax Property Index for February is due on 7th March, and we expect falls there too. In contrast, Rightmove, in the business of selling properties, suggested average ‘Asking Prices’ just about increased between January and February 2023 by a very modest £14 at £362,452 up from £362,438 in January.
Why the House Price Downturn?
Average house prices are already down 5.97% from August 2022, so we expect larger negative yearly house price fall numbers of up 10% in August 2023.