will@willwooddevelopments.co.uk / 07868 656249

Reuters
15 Nov 2023
Official data from the Office for National Statistics (ONS) reveals that British house prices experienced an annual decline in September for the first time since 2012. This, coupled with a sharp increase in rents last month, underscores the weakened state of the housing market.
House prices saw a decrease of 0.1% in the year to September, marking the first annual fall since April 2012, following a 0.8% increase in August. Notably, prices in London declined by 1.1%. The housing market, which surged during the COVID-19 pandemic, is now grappling with higher borrowing costs as the Bank of England combats the highest rate of inflation among large advanced economies.
Both mortgage lenders Halifax and Nationwide reported continued declines in house prices in October on an annual basis, although there was a slight monthly increase.
The ONS's measure of private rents recorded a substantial 6.1% increase in the 12 months to October, representing the largest annual surge since data collection began in 2016. This is up from 5.7% in September. Additionally, separate figures from the Ministry of Justice indicated a surge in no-fault eviction claims in England, reaching the highest level in over seven years.
No-fault eviction claims, allowing landlords to terminate tenancies without specifying a reason and resort to court proceedings when tenants resist leaving voluntarily, increased by 38% in the three months to September compared to the same period last year. Despite being barred during the pandemic, the Renters Reform bill, which aims to impose a permanent ban on no-fault evictions, has faced continual delays.