House prices have fallen in recent months, as rising interest rates have made mortgages more expensive, and high inflation has reduced people’s spending power.
But mortgage interest rates may be stabilising. How might this affect house prices?
What is happening to house prices around the UK?
Prices rose steeply – by about 25% – across most of the UK from the start of 2020 until Autumn 2022.
But they have fallen by more than 4% from that peak, according to March’s figures from the Nationwide Building Society.
These figures, which take seasonal peaks and troughs into account, show the largest fall in Scotland and the smallest in the West Midlands.