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    Home»Living»UK house prices fall as cost of living crisis and rising interest rates slow housing market – Business Live | Jobs
    Living

    UK house prices fall as cost of living crisis and rising interest rates slow housing market – Business Live | Jobs

    adawebsitehelper_ts8fwmBy adawebsitehelper_ts8fwmJanuary 6, 20234 Mins Read
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    important event

    Annual UK house price growth continued to slow in December, with less activity and the market gradually approaching what it was used to before the pandemic. Mark HarrisChief Executive Officer of Mortgage Broker SPF Private Client:

    Harris Mortgage rates have fallen after a spike after the mini-budget, he notes.

    “Mortgage rates continue to fall modestly as many lenders, including Nationwide and TSB, further cut fixed-rate mortgages this week, although another rate hike is expected next month. , medium- and long-term interest rates continue to fall, allowing lenders to make more aggressive pricing.

    “We expect the market to react favorably to the prime minister’s pledge to lower inflation and that the 5-year fixed rate will start looking better, although the days of sub-1% trading are over.”

    Halifax: Home prices forecast to fall 8% this year

    After a weak end to 2022, what will happen to the housing market in 2023?

    Halifax Housing loan directed by Kim Kinnaird Predict slowdown:

    “As we enter 2023, the housing market will continue to be impacted by the broader economic environment. As buyers and sellers continue to be cautious, home prices will decline overall, both in terms of supply and demand, with house prices falling to around Expected to fall 8%.% throughout the year.

    It’s important to realize that an 8% drop means average real estate costs will return to April 2021 prices.

    UK house price inflation
    UK house price inflation Photo: Halifax

    Introduction: Average UK house prices fell 1.5% in December

    Good morning. Welcome to our rolling coverage of business, financial markets and the global economy.

    UK house prices fell last month as the cost of living crisis and rising interest rates hit property demand.

    lender Halifax Average home prices were reported to have fallen 1.5% in December after falling 2.4% in November. This slowed annual growth to 2% from 4.6% the previous month.

    Annual growth slowed across all economies in December, with average UK property prices dropping to £281,272, according to a Halifax report.

    UK house price index
    UK house price index Photo: Halifax

    Strains on household incomes and rising borrowing costs this year are slowing the market, he said. Kim Kinnaird,director Halifax Housing loan:

    “As we have seen over the past few months, uncertainty about how the rising cost of living will affect household costs, along with rising interest rates, has led to an overall slowdown in the market.

    Kinnaird It notes that the housing market will be mixed in 2022, with house prices declining since September (the mini-budget month that pushed mortgage rates higher).

    Home prices rose rapidly in the first six months, then plateaued in the summer before prices began to fall in September. This is because the impact of cost-of-living pressures, combined with a rising price environment, has started to affect household budgets. and request.

    But average home prices are still significantly higher than they were a few years ago, as prices have skyrocketed since the pandemic began.

    Kinnaird say:

    Average home prices are still high, higher than they were in early 2022 and more than 11% higher than home prices in early 2021.

    The first half of last year has been a very positive period for sellers, with average home prices rising more than £17,000 to £293,992 (6% growth) between January 2022 and August 2022, a new record. established.

    Appearing today

    British rail passengers face yet another travel disruption as thousands of workers go on strike over ongoing disputes over employment, wages and working conditions.

    Members of the Railways, Shipping and Transport Union (RMT) working for Network Rail and 14 rail operators went on strike for 48 hours following yesterday’s labor unrest by Aslef union train drivers that caused widespread turmoil. increase.

    Investors are gearing up for the latest US jobs data to be released later today that will guide how aggressively the Federal Reserve will continue to raise rates.

    Non-farm payrolls are expected to add about 200,000 jobs in December after gaining 263,000 in the previous month.

    Analysts expect the US economy added 200,000 new jobs (nonfarm payroll, NFP) last month. The unemployment rate he is expected to remain at 3.7%. Investors and traders are also eyeing wage growth, which is likely to slow to 5.0% from 5.1% y/y.

    — Arjun Lakhanpal (@ArjunKLakhanpal) January 6, 2023

    We also have a first estimate of Eurozone inflation last month. Economists expect him to fall slightly to 9.7% annualized from 10.1% in November.

    agenda

    • 7am GMT: Halifax UK House Price Index for December

    • 7:00 AM GMT: German Factory Orders for November

    • 9.30am GMT: UK Construction PMI Report for December

    • 10am GMT: Eurozone ‘flash’ inflation report for December

    • 1:30 PM GMT: December U.S. Nonfarm Payrolls Report





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