ARK’s Market Synopsis

By Victoria Tomlinson · 1 August 2023

Commentary

Welcome to the latest edition of ARK’s market synopsis report, covering market outcomes to the end of June 2023.

We have now reached mid-point of the year, and the market landscape has changed since our last update on the housing market. In Summary:

  • New build prices remain more resilient compared to existing homes
  • 42% of sellers are now accepting discounts of more than 5% off the asking price
  • Average house price fell by -0.1% in June, a third consecutive monthly decline
  • Annual rate of house price growth fell to -2.6%, from -1.1% in May
  • Typical UK property now costs £285,932 (vs peak of £293,992 last August)
  • All regions except Northern Ireland recorded annual price falls in Q2
  • Southern England sees most downward pressure on property prices.

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