Prices of owner-occupied homes increased by almost 0.6 percent last month compared to July. The Central Bureau of Statistics reported this on Friday. Over the past three months, prices of existing owner-occupied homes have risen slightly again, after prices fell from August 2022.
Compared to August 2022, house prices were almost 5 percent lower last year. The months-long decline in prices on the housing market is largely attributed to increased mortgage interest rates. That increase made it more difficult for home buyers to borrow money, which depressed demand.
This is also reflected in the number of housing transactions. According to the Land Registry, almost 16,000 transactions were registered in August, almost 3 percent less than in the same month in 2022. In the first eight months of the year, almost 116,000 homes were sold, which represents a decrease of 7 percent compared to the same period in 2022.