Halifax has just announced that the average UK house price fell by 0.1% to £298.806 in May. This was largely unexpected, with many industry experts anticipating a rise following previous house price drops in April (0.1%) and March (0.5%).
The housing market is feeling the repercussions of the conflict in the Middle East, with the market showing favourability towards buyers.
The president of OnTheMarket, Jason Tebb shared this sentiment, stating “This is the strongest buyers’ market we have seen in many years, with plenty of stock to choose from. Little movement in average house prices suggests buyers and sellers are adopting a pragmatic outlook and adjusting expectation rather than a loss of confidence.”
Concerns around a looming inflation rise driven by the upcoming 13% increase in the household energy cap and high mortgage rates are causing buyers to be more cautious.
The UK average house price grew by 0.5% over the last 12 months, with the central London housing market showing a large contrast to this. Areas such as Westminster have experienced average house price falls of 11.3%, while the London average experienced a drop of 2.1%, according to ONS data.
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.
Some outer London areas have held value better, with average prices in Barking and Dagenham, and also in Bromley, staying at a similar average price to the previous year. In Hackney, average house prices have seen a moderate annual decrease of 1.2%.
The head of mortgages at Halifax, Amanda Bryden, said that she expects house prices to remain broadly stable in the next few months but following the events in the Middle East, Halifax has halved their house price growth forecast. The lender had previously forecast an annual growth of 1% and have adjusted their forecast to 0.5%.
Newly appointed Prime Minister Andy Burnham delivered his first speech in the House of Commons since taking up the position, and he
The Bank of England’s latest Money and Credit report has revealed that net borrowing of mortgage debt by individuals increased to £7.7
According to the Lloyds house price index, UK house prices grew in June for the first time since the start of the
