ONS House Price Index - Jackson-Stops response, 15th November 2023

In response to the ONS House Price Index published today which outlined that the average UK house price decreased by 0.5% in September 2023, following a month-on-month increase of 0.7% in August 2023, Nick Leeming, Chairman of Jackson-Stops, comments:

“The relatively modest change in house prices in today’s ONS figures reflect a market driven by varying supply levels and increasing needs-based buyers. Whilst house prices are continuing to adjust and settle into their new normal, it is clear there is a powerful undercurrent of resilience that keeps the market steady.
“Though the market is largely balanced, with wider analysis suggesting that the UK housing market will outperform forecasts this year, the pendulum continues to swing drastically across different areas of the country. Across Jackson-Stops’ national network, key commuter towns such as Oxted and smaller cities such as Norwich, Chelmsford and Truro, in October saw an unwavering level of interest from buyers which simply does not match up to the number of properties available to buy, helping to insulate prices. However, in other local areas we know the situation has become much more equal, with sellers embracing greater realism in their asking prices in order to ensure offers turn into completions - a clear sign that the enthusiastic pricing of 2020 and 2021 has been left in the rear-view mirror.
“As we enter a traditionally quieter period for completions and instructions, with the national mood shifting from moving boxes to mulled wine, the recent news that some highstreet lenders are bringing sub-5% deals back to the table will be a well-timed boost of confidence to buyers. Coupled with the UK avoiding a recession once again in Q3, stability is the order of the day.”