Economic data revealed that housing prices in Britain remained stable in the most recent month. This is the first time in more than a year that house prices have not increased, underscoring the growing dangers that the British real estate market is facing as the cost of living for Britons has reached record highs.
According to the British National Construction Association, house prices rose by 9 during the most recent month.
After rising by 10% in the previous month, prices are now rising at a rate of 5% yearly, which is the lowest since April 2021. London continues to have Britain’s weakest price growth.
The British real estate sector is under pressure from rising mortgage interest rates after years of price increases. Numerous lending organisations likewise pulled their mortgage offers and drastically increased their loan interest rates.
According to a different report released by the Bank of England on Friday, interest rates on new mortgage loans increased by 22 basis points in the preceding month to 2.55 percent, which is the highest level since at least 2015.
British housing costs remain unchanged this month.
About Author
