August Property Market Update
Adam Nanson, Impartial Mortgage Broker at Your Mortgage Expert provides our August Property Market update.
This month, he is looking at whether the latest base rate rise is likely to impact property prices. And, whether there are signs that the market could be flattening off soon.
What is happening with house prices at the moment?
The latest figures from the Halifax shows that house prices have dropped for the first time in over a year. The decrease is only down 0.1% which represents a real term drop of £365. And, house prices still remain £30,000 higher than the same time last year.
We probably shouldn’t take a single month as too much of an indicator. However, the market has been anticipating a slowdown in house prices for some time.
Added to this, some areas of the UK have continued strong growth in house prices. The South West, for example where Your Mortgage Expert is base has seen annual house price growth of 14.3%. With an average property costing £310,846.
Will the Interest Rate Rise further impact house prices?
As we have seen, the market is starting to flatten off. And, with the Bank of England raising the interest rate to 1.75%, this could further impact the housing market.
With mortgage borrowing becoming more expensive, together with the cost of living crisis it could lead to a continued slowdown in the market. This could be good news for buyers and less good news for sellers. So we could see the market switch from being a seller’s market to a buyer’s market.
Few, however, are predicting a crash similar to the one we saw in 2008. Instead, most predict a gentle cool down of the market.
We will, of course, be watching the markets carefully. If you want the latest information and the most informed across market understanding, we would recommend you speak to an impartial mortgage broker like Your Mortgage Expert.
If you would like to speak to us about anything you have read in this August Property Market Update, do not hesitate to get in touch.
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