5G Investment News
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Editor’s Pick
No Result
View All Result
5G Investment News
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Editor’s Pick
No Result
View All Result
5G Investment News
No Result
View All Result
Home Stock

Asking prices for UK homes slip as BoE’s rate hikes bite

by
July 17, 2023
in Stock
0
Asking prices for UK homes slip as BoE’s rate hikes bite













A MAN looks at houses for sale in the window of an estate agents in Manchester, Britain, June 22, 2023. — REUTERS

LONDON — Asking prices for residential homes in Britain fell in July as rising mortgage costs and increasing buyer affordability constraints prompted sellers to temper their price expectations, an industry survey showed on Monday.

Property website Rightmove said average asking prices of homes coming onto the market declined by 0.2% last month, compared with the 0% norm for this time of the year.

Tim Bannister, director of property science at Rightmove, said stubborn inflation and further mortgage rate rises contributed to the fall in prices and number of agreed sales.

Britain’s housing market has been hit by rapid increases in interest rates, which financial markets expect to rise to 6.25% by the end of this year from 5% now, adding to pressure on homeowners and buyers.

“The interest-rate brakes being applied more strongly to slow the economy are now beginning to bite in the housing market,” Mr. Bannister said.

House prices have also shown the impact from higher rates, with mortgage lenders Nationwide and Halifax both reporting falls in annual prices in June as buyer demand softened.

The Bank of England (BoE), which has raised interest rates at its last 13 meetings, is tasked with bringing persistent inflation, running at 8.7% in May, back to its 2% target.

The central bank increased its bank rate by more than expected to 5% in June, pushing up the cost of mortgage borrowing. Average two-year fixed mortgage rates reached a 15-year high last week.

Rightmove’s monthly survey showed buyer demand remained resilient this month, up 3% compared to the pre-COVID market of 2019.

“There remains a large volume of motivated buyers who can factor rate rises into their budgets and are continuing to enquire about homes for sale, which is keeping the market functioning,” Mr. Bannister said. — Reuters

Neil

RELATED ARTICLESMORE FROM AUTHOR



MORE STORIES


Previous Post

CBI calls for UK Green Transition Industrial Strategy to unlock £57 billion for the economy

Next Post

Filipino resilience — our pillar in a highly disruptive future 

Next Post
Filipino resilience — our pillar in a highly disruptive future 

Filipino resilience — our pillar in a highly disruptive future 

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.







    Fill Out & Get More Relevant News





    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Recommended

    Hived raises $42m to roll out electric delivery fleet across southern England

    Hived raises $42m to roll out electric delivery fleet across southern England

    July 5, 2025
    Tesla sees UK sales rebound in June as EV market accelerates

    Tesla sees UK sales rebound in June as EV market accelerates

    July 5, 2025
    ‘Invest in Women’ fund criticised for slow rollout as MPs call for bolder action

    ‘Invest in Women’ fund criticised for slow rollout as MPs call for bolder action

    July 5, 2025
    “A turning point for education”: James Caan launches bold education reform plan in House of Lords

    “A turning point for education”: James Caan launches bold education reform plan in House of Lords

    July 5, 2025

    Disclaimer: 5GInvestmentNews.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2024 5GInvestmentNews. All Rights Reserved.

    No Result
    View All Result
    • Home
    • Privacy Policy
    • suspicious engagement
    • Terms & Conditions
    • Thank you

    © 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.