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UK Property Market: price drop will continue for a while

The latest research by estate agent comparison site, GetAgent.co.uk revealed that while a drop in house prices could impact 155,000 home sellers, a period of house depreciation is only likely to last months before the market rebounds.

GetAgent analysed property market data going back to 2005, looking at each period of house price decline, the level of transactions impacted by falling house prices and how long this period of decline lasted before positive house price growth returned.

The research shows that there have been 32 periods of house price decline across Britain since 2005, the majority of which have been the greatest monthly declines, with the worst lasting 10.

On average, these periods of decline have lasted just 2.2 months, with an average of 154,704 transactions taking place, meaning an estimated 69,766 home sellers per month are thought to have been impacted by falling house prices.

In contrast, there have also been 32 periods of buoyant house price growth, lasting 4.4 months on average, with the longest running for 19 months in 2015. During these more buoyant periods, an average of 381,452 homes were sold, meaning an estimated 85,961 home sellers per month benefitted from appreciating property values.

England is home to the strongest market for the balance between boom and bust, with the average period of house price decline lasting 2.3 months versus an average of 4.6 months when house prices have climbed.

Scotland is home to a more balanced market in this respect, with house prices falling by an average of 2.0 months, whilst periods of house price growth last just 2.6 months on average,

Wales is home to the lowest average period of house price decline at 1.5 months, although periods of property price appreciation also only last for an average of 2.3 months.

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