Robert Besser
24 Jun 2022, 02:55 GMT+10
LONDON, England: Prices for British homes this month rose at the slowest rate since January, as the cost of living crisis and potential interest hikes continue squeezing home-buyers.
Asking prices for homes for sale between 15th May and 11th June were 0.3 percent higher than one month earlier, down from a 2.1 percent rise in prices in May.
Asking prices are also up 9.7 percent compared with one year earlier, less than the 10.2 percent increase in May.
"The exceptional pace of the market is easing a little, as demand gradually normalizes and price rises begin to slow, which is very much to be expected given the many record-breaking numbers over the past two years," said Rightmove director Tim Bannister, as quoted by Reuters.
Rightmove expects annual price increases to slow further over the year at 5 percent.
Of note, the UK property market is slowing, reflecting an overall weakness as the public is facing the highest consumer price inflation in 40 years, Bank of England Deputy Governor Jon Cunliffe said earlier this month.
Since December, the Bank of England raised interest rates five times to 1.25 percent, and financial markets expect them to reach 3 percent by the end of 2022.
Since the start of the COVID-19 pandemic, house prices surged in the UK and other Western countries, as many residents had spare disposable income and sought larger houses to work from home.
According to Rightmove, the number of prospective buyers per home for sale was 6 percent higher than one year ago, and still more than double the level before the pandemic, though it dropped by 8 percent in the past month.
The process for buying a home now takes five months, on average, 50 percent longer than in 2019, it added.
Get a daily dose of Scandinavia Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Scandinavia Times.
More InformationBRUSSELS, Belgium - Some Ryanair cabin crew went on strike Friday in Belgium, Spain, and Portugal over pay and working ...
LONDON, England: Surging food prices in the UK pushed consumer price inflation to 9.1 percent last month, a 40-year record ...
LONDON, England: Prices for British homes this month rose at the slowest rate since January, as the cost of living ...
AMSTERDAM, Netherlands: Amidst Europe's response to Moscow's invasion of Ukraine and subsequent reduction of the deliveries of Russian gas, Germany, ...
NEW DELHI, India: The European Union and India have relaunched talks to implement a free trade agreement, aimed to be ...
LONDON, England: UK General Patrick Sanders, the new Chief of the General Staff, has told troops that Britain must be ...
MOSCOW, Russia: The UK newspaper, the Telegraph, has been blocked in Russia, following a request from the Russian prosecutor-general.The TASS ...
LAHORE, Pakistan - An Airbus 320 carrying 171 passengers narrowly avoided an accident at Allama Iqbal International Airport, Pakistan's second-largest ...
WASHINGTON, DC - U.S. President Joe Biden on Friday vowed to "do all in my power" to protect a woman's ...
YANGON, Myanmar - According to military-run media, a junta delegation discussed nuclear technology collaboration with a Russian state-owned atomic energy ...
DHAKA, Bangladesh - The United States Agency for International Development (USAID) is providing more than Tk2.3 crore in emergency funding ...
PHNOM PENH, Cambodia: Cambodian villagers on the Mekong River have caught a stingray fish weighing 661 pounds, which is the ...