Property expert claims there’s ‘no doubt house prices will fall’

New research by property purchasing specialist, House Buyer Bureau, has shared that the UK property market may be grinding to a halt. According to their latest figures, the average level of monthly transactions over the last six months fell by almost a quarter compared to the previous six months – although in some areas this decline is as high as 43 percent.House Buyer Bureau analysed sales volume data from the Land Registry and looked at the average number of monthly property transactions to have taken place in the last six months (from January 2022 to June 2022 – latest available).They then looked at how this level of market activity compared to the six months prior (July 2021 to December 2021).The research showed that in the last six months, an average of 61,651 homes have been sold across the UK on a monthly basis.While that sounds like a lot, that’s actually 23.8 percent fewer than the 80,958 sold per month in the previous six months.READ MORE: ‘Biggest reason’ mice enter homes – ‘effective’ methods to deter them Property expert claims there’s ‘no doubt house prices will fall’ as market grinds to a halt (Image: GETTY)The data appears to show that the UK property market is running out of steam across the country, with every area of the UK market seeing a decline in average monthly sales volumes at a regional level.The North East has witnessed the largest decline, with a 32.5 percent drop in transaction levels, while the North West has also seen a notable decline, down 28.3 percent.These northern regions are followed by Wales which has seen a -27.7 percent dip, the East Midlands (-27.1 percent) and Yorkshire and the Humber (-27.1 percent).While the London market was slower during the pandemic property market boom, now it seems the capital is less susceptible to the current market slowdown.DON’T MISSSimple trick to tell who owns which side of the fence [INSIGHT]’Permanently kill weeds’ using three ‘everyday household items’ [UPDATE]’Best’ method to kill winter weeds – ‘tried and tested’ hacks [ANALYSIS]Looking for a new home, or just fancy a look? Add your postcode below or visit InYourArea UK house price forecast (Image: EXPRESS)’While there has yet to be any notable decline in topline house prices, we’ve seen previous signs that mortgage approvals were stuttering and we’re now starting to see this translate to a drop in transaction levels.’This decline is only going to intensify moving forward, as the increased cost of securing a mortgage continues to climb to some of the highest levels seen in years.’With more buyers being deterred from entering the market, sellers will start to find that they simply can’t expect to secure the same price as they would have during the dizzying heights of the pandemic market boom.’As this pendulum shifts, there’s no doubt that house prices will start to fall and it’s only a matter of time before this decline surfaces.’