In this podcast episode, Rob discusses the recent news that UK house prices have fallen at the sharpest rate in 14 years. He provides his own perspective on the situation, highlighting that the decline in prices during the summer months is not surprising and may even be a positive correction.
UK house prices have experienced the sharpest decline in 14 years, with a drop of 3.8%, the largest since July 2009.
Mortgage interest rates remain high, making affordability a challenge for house buyers.
The average price for a home in the UK is around £260,000, which is £13,000 below the peak in August last year.
The housing market has been subdued, with fewer completed housing transactions in June compared to the previous year.
There is a belief that the UK is heading towards a full-on recession, supported by market data and the expectation of increasing interest rates.
"A lot of it goes on to report that many first-time buyers should welcome a drop in house prices, which have climbed in recent years."
"My stance and our stance at Property Nomads is that they'll probably keep increasing rates until they break something."
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