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Table Of Content

• UPDATE 16 August 2021 – Rightmove House Price Index
• Bank Of England Raises Interest Rates To 0.25%
• NAR Settlement Rocks the Residential Real Estate Industry
• February: House Prices Continue To Ease In December – ONS
• May: Nationwide Logs Annual Price Fall But Hints At Recovery
• January: Prices Still Down On 12 Months Ago
• January: January Prices Climb Following December’s Fall

And while buyer demand is down on last year, it is still far exceeding ‘normal’ levels, said Rightmove, at 26% higher than ‘frenzied’ pre-Covid June 2019. Earlier this week, separate house price data from both the Nationwide building society and Zoopla also indicated a slight relaxation in the strength of the UK’s property market. The South West of England also continues to record a strong rate of annual growth, up by 14.5%, with an average property in the region now costing £313,003. ONS figures refer to completed sales rather than advertised or approved prices from mortgage lenders, so can be up to three months old. However, the impact of rising interest rates has already hit first-time buyers, with demand in the sector down by 21% in the last two weeks compared to the same two weeks last year.

UPDATE 16 August 2021 – Rightmove House Price Index

“However, the slowdown to date has been modest, and combined with a shortage of stock on the market, has meant that price growth has remained firm. As buyers ‘rushed to complete’ on their purchase before the end of the tax-free terms, sellers may have been able to ‘request higher prices’ as the buyers’ overall costs were reduced, according to the ONS. A 10% deposit on a typical first-time buyer home is now 57% higher than 10 years ago, while average salaries have increased by just 32% over the same time, making it increasingly difficult to save the required deposit. First-time buyers in England and Northern Ireland were also exempted from Stamp Duty on properties worth up to £425,000, a rise of £125,000 from the previous level. Last week, in a move aimed at heading off soaring inflation levels, the Bank of England (BoE) hiked the Bank rate to 2.25%, the seventh consecutive rise since December 2021. “In the coming weeks and months it is likely we will see a different picture emerging as interest rates accelerate faster than anyone anticipated against a backdrop of a sinking pound.

Bank Of England Raises Interest Rates To 0.25%

As such, in contrast to previous months, buyers will likely begin to take a more cautious view of the market until they have more clarity on any potential rate rises. Last month also saw a ‘full house’ for first time since March 2007, according to Rightmove’s latest house price index. This means that price records were reached across all regions of Great Britain and for all sectors of buyers – namely first-time, second-stepper and top-of-the-ladder. “But, while the market remained buoyant because of this, the months ahead will likely be more difficult as buyers may start to view the market with caution. We have already seen the much publicised sub-1% mortgage deals begin to disappear, and a rise in interest rates is certainly on the cards.

NAR Settlement Rocks the Residential Real Estate Industry

The provisional number of residential property transactions (seasonally adjusted) in October 2021 stood at 76,930, which is a staggering 52% less than September, and 28.2% lower than October last year. Figures out today from the Bank of England show a steep decline in mortgage borrowing in October to £1.6bn. This compares to £9.3bn in September and is the lowest since last July, when a net amount of £2.2bn of mortgage debt was repaid. Stringent lending rules were imposed on borrowers seven years ago, in the wake of the 2008 financial crisis, to prevent a potential property crash from damaging the UK economy. Geographically, Zoopla says suburbs remain in the highest demand with Thurrock in Essex and areas around Birmingham, Glasgow and East London proving the most popular.

"While modest sales growth might not stir excitement, it shows slow and steady progress from the lows of late last year," said Yun, in the report. Gibbs and Gorkowski are among the many agents especially concerned about first-time home buyers. After July, first-time and VA buyers will be required to sign a buyer-broker agreement stating that they will compensate their broker—but Gibbs says many won’t have the means to do so. Gibbs says that if sellers don’t offer compensation, many buyers who can’t otherwise afford to pay a broker will choose to go unrepresented. Nonetheless, Kuba Jewgieniew, CEO of Realty ONE Group, a real estate brokerage company, is optimistic about a recovery this year. In response, banks have had to compete harder for customer deposits by offering more substantial returns, particularly on fixed savings products where consumers lock away cash for longer.

May: Nationwide Logs Annual Price Fall But Hints At Recovery

But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Many current homeowners don’t want to sell and jump into a mortgage at a higher rate.

On an annual basis, Fannie Mae says house price growth will turn negative beginning in the second-quarter of 2023. The average homeowner is now forking out a record $2,800 just to cover their monthly payment, as soaring house prices and surging interest rates have made it costlier than ever to own a home. The average house price slipped to £260,358 last month, according to the latest data from the Halifax House Price Index. The figure was down 0.5% from the 14-year high of £261,642 recorded in May this year. Homes featuring plenty of space, both inside and out, have been high on buyers’ wish lists over the past year. Savills said it also expects average house prices to rise by a further 3.5% next year and by a total of 21.5% in the five years to the end of 2025.

"Hiring freezes in the tech sector are exacerbating declines; many cheaper markets saw astonishing appreciation due to the higher salaries tech workers brought with them. The national index peaked in June." On a July call, Torres told Insider he believes that US home prices could drop by as much as 25% by the second half of 2023. His bearish outlook is attributed to the nation's housing affordability crisis which he says has created a housing ecosystem where there are "no buyers in sight." However, in markets without supply constraints — like the midwestern and northeastern states —  she says that declines could be "in the mid singles." "As the Federal Reserve continues to move interest rates higher, mortgage financing continues to be more expensive and housing becomes less affordable," S&P analysts wrote. "Given the continuing prospects for a challenging macroeconomic environment, home prices may well continue to weaken."

House prices in Nottingham rose more than anywhere else in the country, growing by 10.9% in the year to September, followed by Manchester (9.3%) and Brimingham (9.2%). Mortgage lenders responded by withdrawing deals and raising rates, with fixed rate mortgages rising above the 6% mark for the first time since 2008 – the depths of the previous financial crisis. Yesterday, property portal Zoopla reported a slight decrease in annual price growth, from 8.2% to 8.1% (see story below). With a figure of 12.9%, Wales recorded the highest growth in the year to September, followed by Northern Ireland (10.7%), England (9.6%) and Scotland (7.3%). The average five-year fixed mortgage rate dropped below 6% this week, moving to 5.95% after having trended above this figure since 5 October – according to financial services data provider Moneyfacts.

That's because super-low interest rates combined with super-heated demand during the pandemic pushed prices up so dramatically so quickly — up about 30-40% in just the past 2 years. Also, Congress changed the rules for mortgages after the housing bubble when subprime lenders put millions of Americans into loans they couldn't afford. Today homes are still getting snapped up by buyers and put under-agreement in near-record time — just 16 days on average. John Burns Real Estate Consulting told Fortune back in July that “home price tops” across the country were already getting blown off. If they were correct, it meant for the first time in a decade the U.S. was transitioning into a period of falling home prices. The median home sale price rose to $384,800 in September, up 8.4% from a year ago, according to NAR.

In Wales, prices also lifted significantly, by 6.4% to an average of £215,000 in February. But Scotland barely registered any gain with the average home rising in price by 1% to £180,000. The number of sales being agreed in April suggests a healthier market than many expected, said Rightmove. Levels are just 1% under the pre-Covid figures for March 2019, and above those seen in September before they plummeted by 21% following the mini-Budget.

Following the Bank of England’s decision to increase its base rate, mortgage rates have risen in turn. A typical UK property now costs £251,550, which is just 0.1% higher than April’s average. This represents the lowest monthly growth rate recorded by the property portal since December 2019.

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Average house prices in these areas now stand at £139,100 and £201,200 respectively. House price growth generally will be affected if more properties start to be listed for sale. Experts are predicting an uptick in supply of property due to distressed mortgage holders looking to sell as interest rates make mortgages increasingly expensive. In Scotland, prices were down slightly on the year, by 0.1%, and the average house price is now £201,774. This is the first annual contraction in property prices in Scotland in the last three years.

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She eventually quit her job in events management and started teaching others how to do it successfully. The 43-year-old also believes he manifested his husband Fiongal after being diagnosed with cancer. While going through treatment and dating "a lot" of people, he decided to take matters into his own hands, or rather his own head, and started visualising his perfect partner. "I've become very clear on what I want and the amount of money I need and literally it can be within 24 hours that I get a phone call for a job and it's almost identical to what I asked for money-wise." Over the past few months, we spoke to a Swiftie who shared some helpful tips about seeing Taylor live and came up with a list of all the most exciting fan trends. All we know is that in the seven days that have passed, ticket prices to see Swift’s ‘Eras Tour’ live have plummeted for most of her concerts in Europe.

Scotland’s Aberdeen was the only city where house prices dropped in the year to October, decreasing by 1.1%. Month on month, prices actually fell by a chunky 1.4% – the biggest fall since June 2020, when the country was in the grip of the coronavirus pandemic. Wales and the South West of England saw the sharpest reduction in annual price growth. In Wales, growth dropped from 11.5% in October to 7.9% in November, while in the South West it fell from 10.7% to 8.4%. Average UK property prices rose 5.6% in the year to December according to the latest data from Rightmove, writes Bethany Garner. House prices in Scotland now stand 3.5% higher than last year at an average of £200,166.