Book Consultation Talk to an Expert Mortgage Questionnaire Mortgage Calculator

rsz_transactions_by_buyer_type_timeseries_aug23

House prices now 5.3% below August 2022 peak according to Nationwide

Aug 28 2023

According to Nationwide's latest House Price Index, house prices are 5.3% lower compared to August last year in the biggest annual decline since 2009.

August saw a further softening in the annual rate of house price growth to -5.3%, from -3.8% in July, the weakest rate since July 2009. Prices fell by 0.8% over the month, after taking account of seasonal effects.

It is worth remembering that house prices in many areas of the UK have increased significantly in recent years. House prices also typically increase over the long term.

Robert Gardner, Nationwide's Chief Economist, said: “The softening iNationwide'ssing, given the extent of the rise in borrowing costs in recent months, which has resulted in activity in the housing market running well below pre-pandemic levels. For example, mortgage approvals have been around 20% below the 2019 average in recent months and mortgage application data suggests the weakness has been maintained more recently.

“Nevertheless, a relatively soft landing is still achievable, providing broader economic conditions evolve in line with our (and most other forecasters’) expectations.

“In particular, unemployment is expected to remain (below 5%) and the vast majority of existing borrowers should be able to weather the impact of higher borrowing costs, given the high proportion on fixed rates, and where affordability testing should ensure that those needing to refinance can afford the higher payments.

“While activity is likely to remain subdued in the near term, healthy rates of nominal income growth, together with modestly lower house prices, should help to improve housing affordability over time, especially if mortgage rates moderate once Bank Rate peaks."

Source: Nationwide Building Society

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

As seen in

Get in touch

To arrange a meeting with one of our expert mortgage advisers complete our enquiry form or mortgage questionnaire and we will call you back. Please note, by submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements.

You voluntarily choose to provide personal details to us when submitting an enquiry. Your information is confidential and held in accordance with the appropriate data protection requirements. Read Trinity Financial's privacy policy.

Your first name: *
Your last name: *
Your contact number: *
Your email address: *
Your preferred date: *
Your preferred time: *
How can we help you? *

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Other ways to get in touch

020 7016 0790

enquiries@trinityfinancialgroup.co.uk

Whatsapp 077805 31022

Mortgage Questionnaire

155 Upper Street, Islington, London, N1 1RA

Google Reviews

We believe that working together is the best way to gain trust, reliability and certainty.

It was a great experience to use Trinity. David was easy to communicate and worked very efficiently to give me the diffe...

It was a great experience to use Trinity. David was easy to communicate and worked very efficiently to give me the different mortgage options. Overall really helpful and hassle free to find the best deal.

Less

Celia H Mar 20 2025

Scott’s speed at replying, his excellent communication, his contacts within the industry and professionalism were ...

Scott’s speed at replying, his excellent communication, his contacts within the industry and professionalism were outstanding. Scott makes you feel like you’re getting a truly personal service, even from a director. We have another property that’s even better suited now, but I would never choose to work with any other mortgage provider again. Many thanks Scott and your team for all your help and support.

Less

Rachael Ward Feb 01 2025

Many thanks Luisa, Daniel, Correll and Connor for your amazing support. You were incredibly professional, diligent and s...

Many thanks Luisa, Daniel, Correll and Connor for your amazing support. You were incredibly professional, diligent and supportive. If anyone needs a reliable and responsive team to accompany them on their home buying journey, I can't recommend enough the Trinity Financial team!

Less

Mariam Diarra Jan 20 2025

years' experience

Over the last 16 years we have helped thousands of clients to purchase new homes, secure buy-to-let mortgages and remortgage.

mortgage experts

Trinity’s experts will do everything possible to secure the fastest mortgage offers while providing you with regular progress updates.

17,844

mortgages arranged

We consistently arrange fantastically priced fixed and tracker rate mortgages through the leading banks and building societies.

House prices now 5.3% below August 2022 peak according to Nationwide

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation

Get started today

Get in touch

Other ways to get in touch