UK House Price Index July 2022
• Demand weakening over summer, more so than last year
• New sales volumes holding up, supporting headline price growth
• Cost of living hitting lower income households hardest, while
those that buy homes tend to be on higher incomes
• Higher mortgage rates to have a greater impact on activity in H2
• Mortgage rates for new buyers on track for 4%. The average first-time
buyer will need an extra £12,250 in income to buy a home compared to
a year ago, and up to £35,000 more in London.
• Higher mortgage rates will impact activity and prices in higher priced,
unaffordable markets and less so in lower value markets.
#HousingBoom #HousingBust #HomeBuyers #FifeProperties
