UK House Prices Will Crash 8% Next Year Mortgage Lender Predicts
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New buy-to-Let investment deals are no longer viable with 6%-7% mortgage costs even with a 25-30% deposit – see:
Higher interest rates will KILL buy-to-let property market
Cash buyers are unaffected by mortgage rates of course, but investors have traditionally used leverage and maximum borrowing to expand their portfolios, but higher rates have moved the goalposts.
The Nationwide has reported that UK house prices fell for the first time in over a year last month. Prices fell by 0.9% month-on-month in October.
Over 100,000 borrowers are reaching the end of their fixed rate deals every month at which time they will suffer sharp increases in payments. Many will face mortgage rises of 2-300%.
Britons are facing a long winter of strikes and higher energy and food prices, despite wholesale prices of gas and oil falling from their highs.
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