It’s official: UK house prices have fallen for the first time in 15 months. According to the new House Price index by Nationwide, in October the cost of a house fell from an average of £272,259 in September to £268,282, the first drop since July 2021 and the biggest decrease since June 2020.
With mortgage rates up, affordability tests tightening and commentators acknowledging that house prices are likely to fall further next year, is 2023 the year first-time buyers have been waiting for?
