A house price crash in Bristol ‘has already begun’ with buyers ‘holding all the cards’, according to property market experts in the city. The warning came as the latest Halifax House Price Index figures were released, which Halifax said showed a sharp drop in the rate at which house prices were rising in the region over the past month.
While the average selling price of a house is still higher in November 2022 than it was in November 2021 in Bristol, the rate of that increase has slowed markedly. Independent mortgage broker Steven Morris, at the Bristol-based Advantage Financial Solutions, said prices were heading down. The Halifax House Price Index showed that in the South West, the average price a property sold for in November 2022 was £307,750.
That figure is still 8.4 per cent higher than homes were selling for in November last year, but the average selling price month-on-month has been falling since the summer. This means the price houses are selling for is starting to slow significantly, according to Halifax, which said the region had the ‘sharpest slowdown of annual growth’.
