House prices have started to fall annually for the first time since the early months of the pandemic.
Nationwide’s latest house price index showed the biggest fall since 2012, with higher mortgage rates and the cost of living crisis continuing to squeeze the property market.
Mortgage approvals have also fallen to levels last seen in the aftermath of the financial crisis, as higher costs and uncertainty about the economy leave buyers reluctant to commit to a new home.
But lower house prices might not necessarily be a bad thing. Prices were hugely inflated during the pandemic, and moderate falls could be a sign of things returning to a more normal, stable footing.
It could also help out first-time buyers – a key group when it comes to keeping the market moving.
On this week’s podcast Simon Lambert, Helen Crane and Georgie Frost look at what might happen to property prices next and whether we are headed for a crash – or just a correction.
They also discuss smart meter addicts – including the dad who cut back on coffees after working out they cost 1p each to make.
Finally, with bank branches closing at a rate of knots, they run the rule over the best perks offered by digital-only bank accounts from the likes of Monzo, Starling, Chase and Kroo.
THIS IS MONEY PODCAST
This post first appeared on Dailymail.co.uk
