House prices are falling at their fastest rate since July 2009, down 3.8 per cent year on year and expected to fall further still.
As the headlines go into apocalyptic meltdown, beleaguered first-time buyers hoping for a window of affordability might be scratching their heads.
Are falling house prices really so bad or is it yet more evidence of an intergenerational conspiracy where the haves in society control the narrative?
It is certainly an uncomfortable moment for recent homebuyers watching the value of their biggest asset tumble.
Ditto anyone trying to remortgage and seeing their monthly outgoings soar.
But cash buyers are taking advantage of softening prices without having to contend with mortgage hikes — as if you needed convincing that having a big fat lump sum at your disposal tends to make life easier.
And not all aspiring first-time buyers will find themselves locked out of the market.
Yes, you might see your potential budget reduce as mortgage rates stay high and there will be fewer homes to choose from as homeowners sit tight.
But if — and I acknowledge it is a big if — you have a deposit and a reliable salary and can be flexible on where you want to spend the next 10 years, this could be your moment.
It’s a scary time, and even with marginal house price falls not a cheap one, but chances are your mortgage repayments could still be cheaper than renting, while escaping London’s toxic rental market will always be a cause for celebration.
