UK house prices expected to fall as mortgage rates soar
Increasing mortgage costs and the wider cost of living crisis will place downward pressure on UK home prices over the next few months, according to Halifax.
Increasing mortgage costs and the wider cost of living crisis will place downward pressure on UK home prices over the next few months, according to Halifax.
Rents in London have risen by 26.8% in a single year, surpassing other major global markets.
Following Kwasi Kwarteng’s mini-Budget last month, expectations for where borrowing costs will peak rose by 150 basis points.
House price growth shot up to 15.5% in the year to July, due to the distorting impact of the end of the stamp duty holiday at the end of last year.
If you think house prices have been out of control in the UK, things can get far more extreme – as Turkey’s house price inflation demonstrates.
The UK’s students should snub the private rented sector (PRS) and instead look to rent in purpose-built student accommodation (PBSA), according to analysis from Knight Frank.
London is expected to see house price growth of 6% in 2023 – the third highest amongst Prime cities, Knight Frank’s Global Prime Forecast has revealed.
The number of offers accepted across Prime London last month was the highest figure in a decade, underlining the strength of appetite for higher-value property in London, Knight Frank analysis shows.
House price growth has fallen across Prime cities, dropping from 10.0%% in the first quarter of 2022 to 7.5% in Q2, as the post-pandemic surge begins to run out of steam.
The Prime London property market is seeing heightened demand from foreign buyers due to downward pressure on the pound and the relaxation of travel restrictions.