Business UK
‘Some people are waiting for a house CRASH’ Average UK house price has risen 1.6%
Liam Halligan shared one fundamental reason why house prices are continuing to rise, meaning first time buyers are having to pay out more to buy property.
UK house prices on average increased by 0.8 per cent month on month in March.
The recent easing of mortgage rates has also helped support the property market.
The news will be welcomed by homeowners across the UK, but the outlook isnât as positive for those trying to get onto the property ladder.
GB Newsâ Economics and Business Editor, Liam Halligan explained: âA lot of people are actually waiting for a house price crash. It is the third rise in a row. House prices are now 1.6 per cent higher than they were in March 2022. The average house is ÂŖ287,880 compared to ÂŖ285,660 in February.
âI think what’s going on here is that the housing market is being kept buoyant by the fundamental undersupply of houses in this country.”
He continued: âMortgage rates are actually coming down during the mini budget, all the aftermath, the market turmoil, the average mortgage rate on a two year fix was up above six per cent.
âBecause the money markets have calmed down, because there’s a bit more political stability, because international investors aren’t questioning the UK solvency going forward, an average two year fix is down below five per cent from above six per cent that’s happened in recent months.
âWhere the mortgage suppliers buy the money to then lend us the money, the money’s a bit cheaper. And that lower mortgage cost compared to where people thought it would be a few months ago, that’s keeping house prices buoyant.â
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Nigel Farage tells GB News his phone is buzzing after telling the political world the door will be closing on defections by May 7th.
It comes after Robert Jenrick joined Reform UK following a sensational sacking by Kemi Badenoch, who’d been tipped off to his defection.
Speaking to GB News Political Editor, Christopher Hope, Farage said: “We only want people to come to us who will add to us. I don’t want people to come to us because they see us as a life raft for their career.”
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Business UK
Prince Harry ‘fighting on’ despite ruling to pay immense bill of 90% of Home Office legal fees
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