Archive: Will the Ukrainian invasion impact house prices?
(written on 17th March 2022) With the media flooded with news of Russia’s invasion of the Ukraine. Many of our clients have been asking us if the Ukrainian invasion will impact house prices. It is likely to have far reaching consequences and it will be a changing situation. Taking into consideration the latest informed opinion we have put together our thoughts on the question of will the Ukrainian invasion impact house prices.
How will house prices be affected?
Adam Nanson, impartial broker at Your Mortgage Expert comments:
“Halifax’s February House Price Index showed that house prices rose at the fastest rate since the summer of 2017*. Continued high housing demand for over a decade has meant it has been a seller’s market with low numbers of properties boosting the market.
“The situation in Ukraine is likely to impact, not only the mortgage market, but the housing market too. Firstly because higher mortgage rates will squeeze some people out of the property market. This together with higher costs of living – petrol prices, energy bills, the weekly food shop – all of which will impact affordability. And which could decrease demand for properties.”
How can Your Mortgage Expert help?
Adam continue:
“If you want to purchase a property but you’re worried about affordability, we would recommend you speak to an impartial mortgage broker like Your Mortgage Expert. We would advise clients to be clear of their financial situation before they even step into their local estate agents. Speak to your Mortgage Adviser about what you can afford so you can go into property negotiations with a clear maximum affordability level. If you have an agreement in principle, it also helps as an additional element in negotiations to show you are genuinely ready to buy.
“At Your Mortgage Expert, we know all the latest news on the interest rates and the mortgage products available. In addition, we know which lenders are offering enhanced income multiples to maximise borrowing or 95% mortgages. We can also advise on how to access shared ownership mortgages or the Governments help to buy schemes.”
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The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. Your Mortgage Expert Ltd and Mortgage Advice Bureau cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation.