House Prices Fall Across The Country This Autumn

Published: 12/11/2019

The asking prices of homes put up for sale in September have fallen for the first time since 2010, new data has revealed.

According to Rightmove, the average newly-listed property asking price dipped by 0.2 per cent in the month of September. This is despite September usually marking the start of the autumn bounce in housing market activity.

What does this mean for buyers and sellers?

It suggests that it may not be the best time to sell a property (although, from our experience, there are always exceptions to any rule when it comes to the property market!).

However, for those looking to purchase a new home, it could be the ideal moment to snap up a great deal. With many properties priced lower than usual and sellers’ expectations less optimistic, home buyers are being presented with a good opportunity to purchase a home for cheaper, across the country and especially in the capital where Brexit uncertainty is particularly strong.

Buyers may also find themselves in a stronger negotiating position to get a favourable deal.

I'm a first-time buyer. Where should I buy a property?

There are a number of ‘affordability hotspots’ across the country right now, such as Blackpool. In Blackpool,  the average property price is £110,000, compared to the average FTB household income in the North West of £40,053, meaning 100 per cent of properties in the area are deemed affordable to new homeowners.

Other affordability hotspots include Lincoln and Hull, where 100% of properties are considered affordable to FTBs, as well as Wigan and Oldham near Manchester, where around 80-90% of properties are affordable.

Down South commuter hub Reading is also seeing a rise in affordable properties becoming available. London remains the least affordable place to buy a house, for buyers of all budgets and ages.

More advice for first-time buyers

First-Time Buyer Market Boom 
Where Is The Best Place To Live In The UK (And Why) 
Where Is The Most Affordable Place To Buy A House In The UK
Buying A Home: House Viewing Tips

Who are GWlegal?

GWlegal are a property solicitors based in Liverpool, specialising in buying or selling, remortgage, declaration of trust, bridging and buy-to-let landlords.

If you have a legal matter you wish to discuss don’t hesitate to get in touch. You can call us on 0345 373 3737 email us with your question.

Who are GWlegal? We’re a national firm with local values.

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Content correct at time of publication.

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