UK house prices will fall by 5 percent this year as buyers have been hit by higher mortgage rates and rising living costs, a real estate portal has reported. Zoopla’s House Price Index showed a 1.2 percent annual rise in UK house prices in the last year, adding, however, that just a year ago, the…
UK House Prices See Biggest Annual Fall Since 2009
The average UK house price saw its biggest annual fall in nearly 14 years in May, Britain’s biggest building society has said. According to the Nationwide Building Society, property values fell by 3.4 percent annually in May, marking the biggest drop seen since July 2009, when an annual fall of 6.2 percent was recorded. The…
Age of ‘Massive’ House Price Rises May Be Nearing an End: Government Economist
The age of “massive rises of house prices” may be coming to an end, a senior economist from the government’s spending watchdog has said. Prof. David Miles, one of the three members of the top committee of the Office for Budget Responsibility (OBR), said on Wednesday that an increase in remote working following the outbreak…
First-Time Buyers Face Record Prices as UK Housing Market Recovers
First-time buyers in the UK are facing record high prices as the housing market recovers from the COVID-19 pandemic and increased borrowing costs following last year’s mini-budget fiasco. The average price tag on first-time buyer homes—houses and flats with a maximum of two bedrooms—hit a record high of £224,963 ($279,830) in April after edging up…
UK House Prices Suffer Worst Annual Fall in a Decade, New Figures Show
March 1, 2023
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House prices in the UK fell by 1.1 percent year-on-year in February, the biggest annual decline for more than a decade, according to new figures from the Nationwide Building Society. It was the biggest annual house price fall since November 2012, and the first annual decline of UK house prices since June 2020, when the…
UK House Prices Stabilised in January, Halifax Figures Show
February 7, 2023
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House prices in the UK stabilised in January following a series of monthly falls last year, according to new figures from the Halifax bank. Halifax said the typical property value remained largely unchanged in January 2023 at £281,684, compared with December 2022. The bank’s House Price Index (pdf) recorded 0.0 percent house price growth in…
Britain’s Annual House Price Growth Sees ‘Sharp Slowdown’
House prices in Britain are seeing a “sharp slowdown” according to one of the country’s biggest mortgage providers. In their latest report, Nationwide said that growth in annual house prices had shrunk in November to 4.4 percent compared to 7.2 percent in October. The data also showed that house prices have fallen 1.4 percent month…
Australian House Prices Fall for Sixth Consecutive Month in October
Home values across Australia have experienced their sixth consecutive drop in October, with Brisbane leading the downward trend. According to real estate data provider CoreLogic, national dwelling values dipped another 1.2 percent in October, following a 1.4 percent drop in September and a 1.6 percent decrease in August. House prices in Brisbane dropped at the…
UK House Prices Reach New High in October Despite Economic Turmoil
House prices in the UK hit a new record high in October despite the continuing uncertainties in interest rates following financial turmoil triggered by the government’s mini-budget. Britain’s housing market had already been showing signs of cooling after a more than 20 percent surge in prices since the start of the COVID-19 pandemic as the…
Toronto Has the Highest Housing Bubble Risk in the World: Report
Toronto has the highest housing bubble risk among the world’s major cities, according to a new report. The Union Bank of Switzerland’s (UBS) report [pdf] ranked Toronto at the top of its list with a “bubble index” of 2.24, followed by Frankfurt at 2.21 and Munich at 1.81. Vancouver’s bubble index is 1.70, the sixth-highest among…
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