UK News

As the cost of living crisis and high mortgage rates continue to burden homeowners, buy-to-let investors, and first-time buyers across Britain, properties are being listed at prices significantly lower than their pandemic-era selling prices. However, the challenges are far from over, and the mortgage market will exacerbate them substantially. Despite the slower-than-anticipated reduction in inflation rates, the Bank of England still has to foresee lowering its official rate, which means that lenders will maintain high mortgage rates. According to some economists, this could result in a gradual decline in the property market, similar to the downturn experienced in the early

New data from Halifax reveals that only two UK regions, Greater London and the North East, experienced stable annual growth in house prices in March, with no slowdown observed. The average home price in the capital is now £537,250, showing a marginal increase of 0.1% compared to last year. In the wake of the pandemic-induced desire for spacious living, home buyers are searching for more reasonably priced areas, causing London’s house price growth to lag behind that of the rest of the country. Throughout the UK, house price growth has decelerated to its lowest point in over three years. As

In March, UK house prices experienced their steepest decline since 2009, with an annual fall of 3.1%, surpassing the 2.2% drop forecasted by economists. Data from Nationwide, a mortgage provider, revealed the extent of the negative impact of high inflation and increasing borrowing costs on the property market. House prices in March fell more than expected, with a 3.1% annual decline compared to the 1.1% decrease in the previous month. This marked the most significant year-on-year drop since July 2009. Property prices also experienced a larger-than-anticipated fall of 0.8% between February and March, continuing the uninterrupted decline seen since last