In September of last year, home prices in Britain dropped by 0.1% amid predictions that the country’s real estate market will be under further stress in the months to come due to the increase in mortgage interest.
Before the chaos that Treasury Secretary Kwasi Quarting generated in the mortgage market by announcing significant tax cuts as part of the mini-budget he published on September 23, this data implies that the British real estate market is slowing down.
According to Kim Kennard, a representative of the Halifax Mortgage Corporation, “continuing high interest rates with cost of living pressures, in addition to the impact of the increase in mortgage costs in recent weeks, will likely lead to downward pressure on real estate prices in the coming months.”
The Nationwide Building Society, a rival mortgage lender, recently released a report that said real estate prices did not increase in September for the first time in more than a year. Halifax’s assessment is consistent with that analysis.
UK home prices decreased by 0.1% last month.
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