The average house price dropped by almost £8,000 this month – the largest dip seen in four years, according to new data.
For those looking to get onto the property ladder, it's tempting to think that falling house prices will make it easier to buy, but that's not always the case. At the moment, a drop in property prices represents rates returning to their normal levels after the pandemic, when prices shot up dramatically.
Renters who don't want to, or can't afford to consider buying might think a drop in house prices will mean they'll a drop in their rents as well, but this is unlikely. In fact, renters saving for a house deposit could face higher rent as demand for let properties increases.
