![]() Mortgage payments remain most affordable for those with a large deposit, which isn’t great news for first-time buyers. There was a dip in the number of mortgage approvals in June, which is a tentative sign of a slowdown, but this is yet to be entirely reflected in house prices. ![]() The stamp duty holiday (which ended in October 2021)īut the prospect of increasing pressure on households’ finances caused by the cost of living crisis is causing growth to fall.However, growth in prices has finally started to slow down.Įven since the onset of the pandemic, the market defied the odds: not just surviving but positively thriving. Limited supply and strong demand is keeping house prices high – there are too few properties for sale compared to the number of buyers. Annual growth decreased from 9.3% to 8.4%. Figures from Rightmove put average house prices at £365,173 in August, a decrease of 1.3% from July.Despite fears that the market will slowdown as household budgets are squeezed, prices still increased by 0.8% over the month, a bigger growth compared to July’s increase of 0.2% Nationwide’s figures for August 2022 put the average house price at £273,751, up 10% over the year.This follows a slight fall the previous month, but still marks an 11.8% increase over the year. Halifax figures indicate that the average house price has risen to £294,260 in August 2022, up 0.4% from £ 293,221 in July.Once a month, Nationwide, Halifax and Rightmove publish figures on the growth of average house prices: The housing market still has a reasonable amount of momentum given the pressures on household budgets caused by the cost of living crisis, but data has begun to show a decrease in growth. This article contains affiliate links that can earn us revenue* Why are house prices rising so much? ![]() What is the best time of year to buy a house – and the worst?.How will the relaxing of mortgage affordability rules affect me?.Are house prices going to fall in 2022?.Why are house prices are rising so much?.So should you bide your time to buy and hope that the market calms down, or get in there quick in case prices continue their upward trend? Experts predict that prices could fall over the next two years as interest rates continue to rise. House prices have gone through the roof, but there are tentative signs of a slowdown.
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