House Prices Fall For First Time Since 2012

Published: 15/07/2020

Were you looking to make the move this summer, but finances are holding you back? Well recent reports and figures published show that house prices have fallen for the first time since 2012, making it an opportunistic time to consider making the move.

According to Nationwide, UK house prices were 0.1% lower in June than the same time in 2019, making the first annual drop since 2012. They went on to confirm that property values had dropped by 1.4% compared to May, with the typical house said to now be worth £216,403.

This will be welcome news for potential first-time buyers looking to secure their first purchase and get themselves on the property ladder, as they hope for house prices to continue to drop. However, it’s suggested that as a result of this, mortgages may be harder to secure down the line.

The pandemic hasn’t stopped houses up and down the country continue being listed on the market throughout June and July, as the housing market slowly starts making tracks to getting back to normal. According to estate comparison site GetAgent, these are some of the areas that had the most house listings during lockdown:

Liverpool - 5,101 listings

Birmingham - 4,081 listings

Leeds - 3,830 listings

Cornwall - 3,673 listings

Leicester - 3,180 listings

Exeter - 2,914 listings

Durham - 2,654 listings

Manchester - 2,483 listings

Bristol - 2,473 listings

Salford - 2,401 listings

How we can help

Whether you’re a first-time buyer or simply looking to sell your current property and start afresh elsewhere, we can help you today with our expertise and experience in the conveyancing sector.

We have a range of deals available, including:

Sale and Purchase Deal
£500 Cashback Remortgage Deal

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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