Nationwide reveals UK house prices rose by 0.7% in January but what happens to mortgage rates will be crucial for 2024. A wave of optimism swept across the housing market this morning ahead of tomorrow’s Bank of England interest rate decision after Nationwide reported UK house prices rose 0.7% in January. And the small rise led to in an improvement in the annual rate of...
The average price for larger detached homes has grown at almost twice the rate than for smaller properties such as flats three years since the onset of the coronavirus pandemic. Halifax has looked at data from its own House Price Index in the three years since when the property market was overhauled by the start of the pandemic in March 2020. One of its many impacts was to...
The chancellor Jeremy Hunt has just concluded delivering his 2024 Budget. He also confirmed that the OBR’s forecast for UK economic growth remains broadly unchanged from what it forecast at last November’s Autumn Statement. Gross domestic product will be marginally higher this year at 0.8%. In 2027, the OBR projects that the economy will grow by 1.8% compared to N...
The rise in mortgage rates in the last 2 months has been the main reason for the recent slowdown in the housing market. But things are looking a little more positive for borrowers as we head towards the New Year, and we expect mortgage rates to settle between 4.5% and 5% by mid-2023.Along with a widespread fall in house prices by up to 5%, more affordable mortgage rates will en...
