Ahead of the latest Halifax House Price Index figures which have been released, Nathan Emerson, CEO at Propertymark has commented. The comment can be seen below:
Nathan Emerson, CEO at Propertymark, said:
“The primary reason for the 4.7 per cent fall in house prices, which is an acceleration on August’s 4.5 per cent drop, is that borrowing costs are being affected by higher interest rates on mortgage affordability. Also, the Base Rate will remain high for a long time, and that will continue to have an impact. This just shows both the Bank of England and Rishi Sunak need to ensure inflation drops to 2 per cent in the very near future, otherwise 2024 will be a difficult year for homebuyers.”
