Property owners should try not to panic – despite new figures showing the average home is now worth £3,000 less than a year ago.
Data shows prices are down 1.2 percent in the past year, which is the biggest annual drop since the Autumn of 2011.
But Jonathan Rolande, from the National Association of Property Buyers, urged people not to panic.
And he said 2024 could still be a year where house prices start to creep back up.
Mr Rolande said: “No home owner enjoys seeing figures showing house prices have fallen.
“However, for the vast majority of homeowners this needs perspective. There was enormous inflation in prices during the post lockdown era, with some areas rising by 20% in just a year. “The relatively small retraction of £3,000, whilst disappointing, still leaves house prices far higher than they were two years ago. With the prospect of government intervention to stimulates the market once again 2024 could be the year that the average homeowner recovers that £3000 drop in value.
Mr Rolande also said he’d welcome measures in the Spring Budget to support all property owners – not just first time buyers.
“We need forward thinking ideas across the market. Yes, first time buyers need support. But we also need measures that encourage pensioners to downsize, which stimulate housebuilding and do something to address the growing crisis in this country which exists around soaring rents.”