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09.03.2023

UK house prices rise as mortgage rate reduces

Nadia Khan DipPFS Cert CII (MP)

Nadia Khan DipPFS Cert CII (MP)

Wren Sterling

Financial Adviser, Mortgage Adviser, Will & Estate Planner, Investment & Wealth Manager, Pension Adviser

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

Nadia Khan DipPFS Cert CII (MP)

Nadia Khan DipPFS Cert CII (MP)

Wren Sterling

Financial Adviser, Mortgage Adviser, Will & Estate Planner, Investment & Wealth Manager, Pension 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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