The UK housing market is in BIG trouble and in early 2023 we are already seeing big DROPS of 10% in UK house prices!
Due to the high cost of houses, the UK property market is extremely vulnerable to higher interest rates as this leads to a large increase in the cost of mortgages.
With the average mortgage interest rate increasing from 2% to 6%, the long overdue UK house price crash has finally started with many UK house price predictions expecting big falls this year.
UK house price forecasts have always been difficult to make, however, with mortgage approvals falling sharply and the number of available property listings increasing, it seems almost certain that house prices will go down.
People are no longer asking will house prices drop in 2023, instead, they want to know how much will house prices drop in 2023.
Let us know your house price predictions in the comments below, is the house market going to crash in 2023?
