Land Registry data shows that average UK house prices have increased by 3.5% in the 12 months to April 2023, which is down from 4.1% in the previous month.
However, bucking the trend, the Fylde is still an increasingly popular hotspot for home buyers. Fylde showed an average house price rose by 15.5% in April 2023 according to the most recent Land Register data. This was the highest increase in Lancashire and build upon an increase of 14.9% in March, 13.8% in February and 11.1% in January.
Local neighbours in Blackpool saw only a 0.4% in April 2023, down from a modest 1.1 the previous month (March).
However, estate agent Knight Frank expects house prices to fall by 5 per cent as a result of the much publicised increased interest rates putting upward pressure on mortgage prices,
Commenting on the data, a Knight Frank spokesperson said: ‘The UK housing market spent the first few months of 2023 overcoming the impact of the mini-Budget. The next hurdle is high inflation, which will keep upwards pressure on mortgage rates this year.
We expect house prices to fall by around 5% and transaction volumes will be squeezed as rate uncertainty persists.
That said, the wage growth driving core inflation higher is one of the reasons we don’t expect a steep double-digit decline in house prices. Record levels of housing equity, the availability of longer mortgage terms, a stable banking system and the recent popularity of fixed-rate products should also prevent a collective cliff-edge moment for the UK housing market.’