Sellers Are Starting To Panic! (uk House Price Crash)

4th October 2023

The UK House Price CRASH is ACCELERATING and sellers are starting to PANIC with substantial HOUSE PRICE REDUCTIONS becoming more and more widespread on Rightmove. As the UK's largest property website, Rightmove is a leading indicator of the health of the housing market and this influx of house price reductions is a strong indication that a UK housing market crash has started.

Nationwide reported that UK house prices fell by -5.2% over the past year, however, over the same period Rightmove has only reported a fall of -0.4%. This clear disconnect between agreed sale prices and asking prices shows that sellers have been reluctant to accept the new reality that the UK property market has changed.

Thankfully, this is now no longer the case and sellers are starting to get more realistic about how much their houses are worth and they have been reducing their asking prices accordingly. Currently, over 36% of properties for sale on Rightmove have had a price reduction of over 6%, which on average equates to around £22,000 - this is a HUGE RED FLAG that home sellers are struggling and further house price drops are to come.

A year ago there were many people asking the question "is the house market going to crash?", I think that has now become clear and the only question that remains is how much will house prices drop in 2024?