UK House Prices Surge, But Market Softening Ahead
UK News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
UK house prices surged in March, with a 0.9% increase to an average of £277,186, marking a 2.2% annual growth. However, Nationwide warns of a potential market slowdown due to rising mortgage and energy bills, exacerbated by the Iran war fallout. Energy price spikes have flipped rate cut hopes, with markets now betting on Bank of England hikes to combat inflation. Lenders have pulled products and hiked rates, with the average two-year fixed mortgage reaching 5.75% and five-year fixes at 5.69%. If these rates persist, affordability gains could disappear, dampening buyer sentiment and cooling housing activity amid energy concerns.
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