What to expect from property market this autumn as house prices plummet

What this autumn holds for the property market as house prices plummet – expert (Image: Getty) So as we head towards the autumn, are we heading towards a house price crash? Or, are there any signs of optimism? Here, in his latest column our resident expert  Jonathan Rolande  delivers his verdict.  Nobody reading the recent bulletin from Halifax on house prices will have been jumping for joy. According to the bank, homes had almost £1,000 wiped off their value in the past month.  And in one area they are worth an average of £15,000 less than they were a year ago. But there are, I believe, chinks of light.  Halifax themselves have described the situation as a slow decline. I agree this is the case. We’re not seeing a crash and, remember, that prices are still higher than a year or so ago.  I am also quietly optimistic that thanks to reduced fuel costs, a slowdown in consumer spending and the bad weather, inflation may be falling as quickly as we hoped it would. August is always a pretty flat month in property but the next two months are crucial (Image: Getty) Hopefully this will deter the Bank of England from increasing rates – a reprieve we all need after 14 rate rises. Right now it’s a case of the new normal – and that normal is a base rate of 5.25 percent and inflation well above five percent.  This would have seemed almost unthinkable just a couple of years ago. But the market is resilient – and it always will be.  August is always a pretty flat month in property – children are off school, buyers, sellers and many in the property business itself are either away or preoccupied with thoughts of being away, especially with the recent unseasonably bad weather. We can expect the figures for house prices and the number of transactions to reflect this when they are released in a month or so – they will be bad but they are only part of the picture.  Looking for a new home, or just fancy a look? Add your postcode below or visit InYourArea It’s what happens in September and October that are really important. Why? Well, these are the months that mean the market will finish the year with a bang – or a whimper. November and December still see activity but mostly just the completions of transactions that took place in the months before. This year, after nine months of flat sales numbers and falling prices, the next two months are more crucial than ever. The question I am getting asked constantly is this: should I buy, should I sell, if I “hold my nerve” as Rishi Sunak suggested, will it end in disaster? Predicting the property market is a bit like predicting the weather but by looking at the data, using experience, and by monitoring public mood and looking at the numbers it is possible. We won’t see any miraculous bounce in prices in September but it will be a welcome break from the constant cycle of bad news we’ve all been enduring for the past year. I’m confident that we’ll see much improved figures on inflation – something down to six percent is what the wise pundits are predicting and this will mean much less pressure for interest rates to increase again on the 21 st  of next month. Don’t expect a cut, but even a “hold” will feel like a gift to millions of hard-pressed buyers and owners. I’m anticipating a mini post-summer boom in activity and those sellers that have taken notice of their estate agent and been realistic on price will benefit from a new influx of buyers to the market. It should be a good time for purchasers too who can benefit from competitive lending rates – Halifax have just slashed 0.7 percent off some products – and with sellers more motivated, there’ll be bargains about.  So for the housing market, an Indian summer could well be upon us.