Table Of Content
- April: Halifax Sees Record Property Prices
- May: House Prices Fall For Fifth Consecutive Month – ONS
- June: Rightmove Reports Record Average Property Price
- February: More Properties Coming To Market
- Money: '£2,000 landed in my account' - The people who say they're manifesting riches
- The Changes Will Impact These Home Buyers Most
Mortgage rates are now stabilising, and though they remain well above the average of recent years, this gives important certainty to would-be buyers. While the housing market as a whole remains subdued, the number of properties for sale is also slowly increasing, as sellers adapt to market conditions. The North East saw the highest annual house price inflation, with average prices increasing by 4.7% in the 12 months to June 2023, up from an annual percentage change of 3.6% in May 2023.
April: Halifax Sees Record Property Prices
The average price of property coming to the market increased by 0.7% in September (£2,587) to £367,760. The rise is in line with the 0.6% average asking price increase among new sellers for September over the last 10 years, according to Rightmove. On an annual basis, average asking prices are 8.7% higher this month than a year ago. Average UK property values rose by 8.2% in the 12 months to August 2022, a slight decline on the annual growth rate recorded the previous month, according to house price data from Zoopla, Andrew Michael writes. The slowest rate of annual growth in the UK continues to be reported in London, with house prices rising by 8.1% over the last year. But this needs to be set against the fact that a typical home in the capital costs £553,849, the highest price in the country.
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May: House Prices Fall For Fifth Consecutive Month – ONS
MarketWatch, the place where you can find the latest stock market, financial and business news. Cryptocurrency is trending now, get the latest info on Bitcoin, Ethereum, and XRP. The National Association of Realtors on Thursday released an updated—and more pessimistic—forecast on home prices for the rest of 2023 and 2024. With experience in both the mortgage industry and as a journalist, she was previously an editor with HousingWire, where she produced daily news and feature stories. When she’s not working on finance-related content, Caroline enjoys baseball, traveling and going to concerts.
June: Rightmove Reports Record Average Property Price
Last week the average rate on five-year fixed mortgages fell to below 6% for the first time since early July, according to Moneyfacts. But this was a slower decline than that recorded for Q2, when prices fell by 4.3%. Estate agents reiterate that accurate pricing is critical in the current market, although most say the recent easing in mortgage fixed rates has boosted confidence among potential buyers. The number of people in mortgage arrears has increased notably, according to figures from UK Finance, which represents the banking and finance sector, writes Mark Hooson. Annual price inflation is down by 2% according to the latest figures from Nationwide building society, writes Jo Thornhill. Prices have fallen the most, year-on-year, in south east England, where they are 5.7% down, putting the average price at £373,943.
May: Majority Of First-Time Buyers Delayed By Cost Of Living Crisis
“Mortgage rates have eased from their July high when the average two-year fixed rate climbed to 6.86%, according to Moneyfacts. Today, it is sitting at a slightly more palatable 6.02%, while an average five-year fixed rate is 5.63%. But these rates are still more than double the level many borrowers have become accustomed to in recent years – a situation that constrains how much people can borrow when they buy a house. In contrast, London saw the largest fall with a drop of 3.6% for the same period. Average prices in London are the highest of any UK region and were recorded at £516,000 in October.
Demand remains 33% lower than 12 months ago, and is in line with figures seen in 2019. The number of new sales agreed has also increased and is closely tracking 2019 levels, although sales figures are 19% down on the five-year average. First-time buyer property prices have held up better than larger properties this year.
Money: '£2,000 landed in my account' - The people who say they're manifesting riches
Only the South West, London, the East Midlands and Yorkshire and Humberside saw asking price increases last month. With the Bank of England Bank Rate now at 5.25%, the average two-year fixed mortgage rate is 6.28%, according to our mortgage broker partner, Better. On average, affordability should improve by around 9% this year, according to Zoopla.
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Housing market in 1952To mark the Queen’s Platinum Jubilee, Nationwide also illustrated the stark differences in the housing market between today and 70 years ago when the lender also began to produce its first house price data. Despite mounting cost of living pressures, the imbalance between supply and demand for homes is the main driver behind the continued climb in property prices. Average house prices now stand at a fresh all-time high of £289,099, said the UK’s largest mortgage lender and in the last decade have climbed by a staggering 74% (or £123,016). The price of a typical home in Scotland has risen by a comparatively low 9.5% year-on-year. However, London remains the most expensive region overall, with an average home costing £516,100.
The Changes Will Impact These Home Buyers Most
This week’s chart shows the 10 large U.S. cities where the median list price for condos and single-family homes fell the most during the year based on percentage of price. Economists say it's quite possible that in its fight against inflation, the Federal Reserve could slow the economy so much that it does tip the country into recession. “When the shiitake mushrooms hit the fan, you [investors] want to get out first. The way to do that is to figure out where the lowest sale is, and be 2% below that. And if it doesn’t sell in the first weekend, move it down [again],” Redfin CEO Glenn Kelman recently told Fortune. Economists at Goldman Sachs said they expect home prices to fall by a more modest 5% to 10% next year.
Northern Ireland recorded annual price growth of 12.1%, while Scotland, with 10.1%, was in line with the average UK figure. The company said this was the sixth consecutive month where UK house prices have risen. Average UK house prices climbed by 1.1% in December 2021 compared with the previous month, taking them to a record high of £276,091, according to the latest House Price Index from Halifax. In Scotland, property prices increased by 11.2% over the year to December putting the cost of an average home at £180,000. The UK HPI comes on the same day as the latest inflation figures, which show that the cost of living, as measured by the Consumer Prices Index (CPI), rose to 5.5% in January, marking a 30-year high. This is making further rises in the Bank of England base rate more certain which, in turn, is putting upward pressure on the cost of mortgages.
The bigger problem is that new homes aren't being constructed at a fast enough pace to meet demand. According to the Freddie Mac research note, "...the main driver of the housing shortfall has been the long-term decline in the construction of single-family homes." Doug Duncan, the senior vice president and chief economist at Fannie Mae, says most analysts believe the lack of supply has driven the dramatic price increases we've experienced over the past few years. But because supply is chronically tight, any drops we might see would likely be relatively moderate. Those developments over the past month appeared to be the major catalyst for Freddie Mac’s big downgrade in its housing market outlook.
A report into the first-time buyer market by the Building Societies’ Association, published today (22 April), has found that 32% of prospective buyers don’t think they’ll be able to afford their own home. “The correction could literally be just the appreciation rate will slow significantly,” said Ken H. Johnson, a real estate economist at FAU’s College of Business. To come up with its findings, the Realtor.com economics team compared median list prices in February 2024 with February of 2023 in the 50 largest metropolitan areas. Between May 2022 and May 2023, CoreLogic predicts U.S. home prices are poised to rise another 5%. Mortgage rates have moved even higher this month, with the average rate on the 30-year fixed hovering around 7.5%, according to Mortgage News Daily.
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