If this prediction is accurate, the average property price would drop from £336,999 in the third quarter of this year to £323,594 in the fourth quarter.

With rising inflation and cost of living, buyers' purchasing power is being challenged. Coupled with the rise in mortgage rates, the real estate market is facing increasing pressure.

Buyers are adjusting their expectations and willingness to pay for property is decreasing accordingly. Hence, the trend of price decline is observed in this forecast.

However, this softening of prices is good news for first-time buyers who are looking for ways to step onto the property ladder and avoid rising rents.

It is expected that more first-time buyers will be ready to enter the market in the coming months, particularly with the possibility of interest rates beginning to fall soon. Such a scenario might stimulate activity in the real estate market and inject new vitality into the overall economy.

The regions expected to experience the most significant price drops are Wales, with an anticipated decrease of -9.8%. This is followed by the northeast (-8.2%) and the West Midlands (-8.0%).

Conversely, Scotland and the southwest of England are expected to see price increases of 1.0% and 0.6%, respectively. The variations among these regions might be attributed to factors such as local economic conditions, population movements, and infrastructure development.