UK house prices fall for first time since 2012

House prices are expected to fall across the board as mortgage rates skyrocketed this summer, but not all properties will feel the crunch in the same way, says Hina Bhudia. The market is still busy, but buyers are particularly eager to save money on their mortgage wherever they can. Our forecasts suggest UK house prices will fall 5 per cent in 2023 and again in 2024 before returning to growth. We expect prices in prime central London to fall 3 per cent before flattening out in 2024, for example. If that remains unchanged, which admittedly is a sizeable ‘if’, we could be nearing peak mortgage rates.