Figures from the Nationwide show that house prices are still rising, despite the cost-of-living crisis – though at a slower rate than before. But a survey by the lender reveals that appetite for a house move is still strong among Londoners.
Prices rose by 0.3% on the previous month in April, compared to 1.1% in March, according to the Nationwide’s latest data. The average annual increase was 12.1% in April and 14.3% in March.
The building society predicts that prices will continue to slow as homeowners feel the squeeze of rising living costs and mortgage rates.
Robert Gardner, chief economist at Nationwide said: “We continue to expect the housing market to slow in the quarters ahead. The squeeze on household incomes is set to intensify, with inflation expected to rise further, perhaps reaching double digits in the quarters ahead if global energy prices remain high.”
However, a survey by the Nationwide found that almost half of respondents in London were in the process of moving house or considering doing so. The figure is higher than during the pandemic when the need for more space and the stamp duty holiday fuelled intense market activity.
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
According to Robert Garner: “The survey results suggest that shifts in housing preferences as a result of the pandemic are continuing to support housing market activity, though to less of an extent than at this time last year.”
Just under a quarter (24%) of these movers were looking for a bigger home. However, fewer people said they were seeking an escape from city life (15% compared to 28% in April 2021).
Read more about this story in The Guardian.
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