After a relatively buoyant start to 2023, recent mortgage rate rises are hitting buying power and more sellers are now offering discounts.
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Falling mortgage rates over H1 2023 boosted sales and led to firmer prices. This is set to reverse in H2 as higher mortgage rates hit buying power at a time when sellers are having to accept larger discounts to asking prices.
Nearly a third of landlords are being hit by higher mortgage rates, risking a further squeeze on the number of rental homes available.
Annual rental inflation for new lets is up 10.4% year-on-year, with rents taking up the highest proportion of earnings in a decade at 28%. Meanwhile, 51% of landlord sales are happening in London and the South East.
To buy a home in the UK, first-time buyers are saving between £26,400 and £144,500. Find out how much people are saving to buy a home in different areas of the UK.
Buyers and sellers are back doing business but the outlook for the housing market hangs in the balance. Our House Price Index looks at the latest housing trends in May 2023 and why recent inflation figures might put a brake on market activity.
Housing market activity levels recover as falling mortgage rates and a strong labour market boost buyer confidence.
London is the only region where house prices have fallen since last year but the number of sales going through is among the highest in the country.
House prices stay level and mortgage rates are unlikely to edge higher immediately. What's happening in the housing market for buyers right now?
