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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