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UK property market in anticipation of lower mortgage rates

18.07.2024
Homesoverseas.ru editorial office
119

In June 2024, property prices in the UK increased, according to Nationwide, by 1.5% year-on-year, to an average of 266,064 pounds. On a monthly basis, the increase was 0.2%. An increase of 0.4% was also recorded in May after a decrease in March and April.

Analysts believe that statistics indicate the stabilization of the market against the background of the expected reduction in interest rates by the Bank of England. Today, the rate is at a 16-year high of 5.25%.

House prices peaked at 274,000 pounds in the summer of 2022 and have been declining for several months since then, as increased loan costs hit the pockets of potential buyers. In 2023 – 2024, there was a fluctuation in prices.

In London, the average value of real estate increased by 1.6% over the year, to 525,248 pounds.

Source: Financial Times

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