Business, Stock markets, FTSE, Housing market, Real estate Business | The Guardian
Rolling coverage of the latest economic and financial newsKaren Noye, mortgage expert at wealth manager Quilter, says the UK housing market is showing “considerable resilience” in the face of tough economic conditions, and the affordability squeeze.This is likely in part due to the annual spring bounce as more buyers come to market making it more competitive. However, on an annual basis, prices have increased by 1.3%. The slight uptick suggests some stability, albeit under challenging conditions.“Nationwide’s data reflects a modestly positive trend, but the housing market remains very unpredictable and the growth in house prices is modest. Monthly property transactions have been lower than expected, indicating a cautious market but this is no surprise given the stress the nation’s finances have been under.High supply is keeping a lid on prices and stubborn services inflation means swap rates are rising and mortgages starting with a ‘3’ feel some way off.Asking prices still need to reflect the fact that buyers currently have tighter budgets and more choice. The general election is unlikely to impact mainstream property markets and if buyers want to know what prices will do next, the next inflation reading rather than the political manifestoes is the best place to start.”“This is undoubtedly still a good time to market your property, but it is always worth speaking to an estate agent with a good understanding of prices in your area. While house price figures are useful for giving a top-level overview, they do not give you the granular detail that you might need to get the most out of your sale.“Inflation came in higher than expected this month, which makes it increasingly unlikely that the Bank of England will lower interest rates in June. Continue reading…
Rolling coverage of the latest economic and financial news
Karen Noye, mortgage expert at wealth manager Quilter, says the UK housing market is showing “considerable resilience” in the face of tough economic conditions, and the affordability squeeze.
This is likely in part due to the annual spring bounce as more buyers come to market making it more competitive. However, on an annual basis, prices have increased by 1.3%. The slight uptick suggests some stability, albeit under challenging conditions.
“Nationwide’s data reflects a modestly positive trend, but the housing market remains very unpredictable and the growth in house prices is modest. Monthly property transactions have been lower than expected, indicating a cautious market but this is no surprise given the stress the nation’s finances have been under.
High supply is keeping a lid on prices and stubborn services inflation means swap rates are rising and mortgages starting with a ‘3’ feel some way off.
Asking prices still need to reflect the fact that buyers currently have tighter budgets and more choice. The general election is unlikely to impact mainstream property markets and if buyers want to know what prices will do next, the next inflation reading rather than the political manifestoes is the best place to start.”
“This is undoubtedly still a good time to market your property, but it is always worth speaking to an estate agent with a good understanding of prices in your area. While house price figures are useful for giving a top-level overview, they do not give you the granular detail that you might need to get the most out of your sale.
“Inflation came in higher than expected this month, which makes it increasingly unlikely that the Bank of England will lower interest rates in June.
