Birmingham news Recession warning to property sellers as prices drop for first time in a year PremierLeague-News.Com

PremierLeague-News.Com - Rising interest rates and a worsening economic outlook could have an impact on house prices

Birmingham news Recession warning to property sellers as prices drop for first time in a year PremierLeague-News.Com

PremierLeague-News.Com - Rising interest rates and a worsening economic outlook could have an impact on house prices

Birmingham news  Recession warning to property sellers as prices drop for first time in a year PremierLeague-News.Com
05 August 2022 - 14:15

PremierLeague-News.Com - Breaking Sport Transfer News ! House prices recorded a decline last month for the first time in more than a year, new data suggests. The findings came after the Bank of England (BoE) forecast that the UK economy was heading into a lengthy recession. According to the latest Halifax house price index, the average price of a home in the UK stood at £293,221 in July. This was a month-on-month decline of 0.1 per cent, the first fall since June 2021. In addition, the annual rate of house price growth dipped from 12.5 per cent to 11.8 per cent. However, house prices are still up by more than £30,000 year-on-year, with the UK property market having been particularly heated over the last year. READ MORE: What recession will mean for your finances as Bank of England issues dire forecast With the Bank of England predicting that the UK will go into recession from the fourth quarter of this year, there are some waiting to see what the impact will be on the housing market. Yesterday (August 4), the BoE raised its base rate by 0.

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.75 per cent, the biggest hike since 1995. Rising interest rates and the worsening economic outlook, with the cost of living crisis biting hard, may dampen down activity in the housing market. Rising prices have made it increasingly difficult for first-time buyers in particular to find an affordable home. “While we shouldn’t read too much into any single month, especially as the fall is only fractional, a slowdown in annual house price growth has been expected for some time,” said Halifax’s managing director Russell Galley. "Leading indicators of the housing market have recently shown a softening of activity, while rising borrowing costs are adding to the squeeze on household budgets." Mr Galley pointed out that that there is still high demand for more rural properties and that many people are still looking to invest money saved during lockdown. Nevertheless, he said, house prices look set "to come under more pressure" in the months ahead. UK house prices have risen sharply over the last 12 months, with the government’s coronavirus stamp duty holiday and furlough money stimulating activity. Interest rates are expected to continue rising, however, making borrowing more expensive. Get all the latest benefits, money and politics news in our daily newsletters delivered straight to your inbox READ NEXT: Why interest rates rise with inflation and what it means for you 500,000 renters in the UK face losing £400 in cruel blow Average mortgage rises to £1,285 a month - how much you need to earn to buy a house Big change to mortgage rules starts this month and this is what it means for you Energy switch warning to millions of Brits as bills set to soar to £500 a month

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