Related topic: House prices

House prices in London and the South recorded their first fall in 18 months, driven by Budget uncertainty.

The typical first-time buyer home now costs 5.9 times average earnings – the lowest ratio since 2015.

The income to house price ratio is forecast to fall to 8.2.

The figures suggest caution and price sensitivity in the housing market.

Sales agreed for £2 million+ homes, which are the subject of a potential mansion tax, are down 13% year-on-year.

In 19% of Great Britain, house prices have gone up by more than 20% after adjusting for inflation. But in over a quarter of the country, prices are actually lower in real terms.

UK house prices are rising at their fastest pace since January.

Ecology is calling on the government to boost the profile of the affordable housing scheme.

Significantly improved affordability in the second half of the five-year forecast period opens up greater capacity for price growth.

Prices increased by 0.3% month-on-month.