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09.03.2023

UK house prices rise as mortgage rate reduces

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Nadia Khan DipPFS Cert CII (MP), Fairstone Financial Management LTD Financial Adviser

UK house prices rise as mortgage rate reduces

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  • Recent reductions in mortgage rates, improving consumer confidence, and a continuing resilience in the labour market are arguably helping to stabilise prices following the falls seen in November and December.
  • House prices are down by about £8,500, or 2.9%, on the August peak but remain almost £9,000 above the average prices seen at the start of 2022 and are still above pre-pandemic levels. With average house prices remaining high, housing affordability will continue to feel challenging for many buyers.
  • The UK housing market appears near the end of a long hangover from the mini-budget rather than on the verge of a price plunge. Activity stopped well before Christmas due to the mortgage market turmoil but has picked up this year as people come to terms with where rates are settling.
  • That said, asking prices are likely to come under more pressure as we enter the traditionally busier spring market due to tighter affordability. We expect about half of the 20% increase seen during the pandemic to unwind but most evidence points to a stronger market than expected.
  • The Liz Truss government’s mini-budget in September drove mortgage rates sharply higher above 6%, but they have since fallen back to between 4% and 5%. The Bank of Englaand has raised interest rates 10 timessince December 2021 to 4% but the governor, Andrew Bailey, recently indicated they may have peaked.
  • House Purchase
  • Bank of England
  • Mortgage Advice London
  • interest rates
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Nadia Khan DipPFS Cert CII (MP) Fairstone Financial Management LTD Financial Adviser

I am an Independent Financial and Mortgage Adviser and have worked in Financial Services for over 12 years. During my career I gained experience in assisting both individual and corporate clients.…
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