The Housing Market is Changing: Here’s What You Need to Know
Homeowners in the UK are expected to see their property prices decrease over October as mortgage costs increase and a broader cost-of-living crisis takes its toll.
Homeowners in the UK are expected to see their property prices decrease over October as mortgage costs increase and a broader cost-of-living crisis takes its toll.
The latest data from Halifax reveals that average homes fell 0 .1% during this time period, but market activity appeared to slow down significantly, with further cooling anticipated for months ahead due to an increasing number of factors, including rising borrowing rates which will make buying harder than ever before.
With rising interest rates and a cost-of-living squeeze in full motion, house prices may be headed for difficult times. The prospect of these trends continuing to exert downward pressure has caused fluctuations in an already slowing market— in recent weeks
For the first time in 12 years, a five-year fixed-rate mortgage has broken the 6% barrier. The average two-year fixed rate passed this mark also.
The government’s mini-budget has caused a sell-off in the financial markets and raised expectations for even higher interest rates. About 1,000 deals have been pulled from the market since then!
At M&P, we are seeing an urgency from both buyers and sellers to complete their property transactions before their mortgage offers expire and are withdrawn.
Having worked in the South Ockendon and Thurrock property market for the last 24 years, I have seen how the market has performed. I am currently seeing a healthy demand from buyers to buy while noticing the stock levels of properties on the market decreasing. The market always seems to find a way to continue