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The UK housing market continues to stagnate

03.04.2024
Homesoverseas.ru editorial office
192
In March 2024, the average cost of real estate in the UK decreased by 0.2% compared to February, to 261,142 pounds, according to Nationwide Building Society. Thus, the curve rushed down again after an encouraging 0.7% increase in the previous 2 months.

Nevertheless, the March figure increased by 1.6% year-on-year, which is a step forward compared with the annual change of 1.2% in February. In London, prices for apartments and houses rose by 1.6% in March compared to March 2023. In Northern England, including the Northeast, Northwest, Yorkshire and Humber, East Midlands and West Midlands, housing prices rose by 1.7% over the year. In Southern England, including the southwest, outer Southeast, London suburbs and East Anglia, prices fell by 0.3%.

High mortgage rates continue to negatively affect the market. 

The Bank of England's base rate remains at 5.25%, but policymakers have made it clear that there may be three cuts this year, as they have seen encouraging signs of curbing inflation. Investors expect the first reduction in June or August, and by the end of 2024 the rate will decrease to about 4.5%.

Source: The Guardian

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