House prices fell in September, with some experts saying property values may have peaked.
Property prices fell by 0.1% between August and September, according to the latest index by Halifax.
A 0.1% fall may seem small – and Halifax also logged a 0.1% monthly fall in July 2022 and a 0.5% drop in July 2021.
But experts say this latest drop is a sign of things to come, not a temporary blip to overall rising house prices.
Tom Bill, head of UK residential research at Knight Frank, predicts that house prices will fall over the next two years.
He said: “It’s a fairly safe bet that UK house prices have now peaked. The impact of rising mortgage rates will begin to hit demand and spending power in coming months, which we believe will lead to a fall of 10% over the next two years for UK prices.
“We may see mortgage rates fall to some extent if financial markets become more reassured by the government’s economic plan but the events of the last fortnight have been a reminder that the era of ultra-low rates is coming to an end.”