House Prices Fall Again As Interest Rise For Fourteenth Time

House Prices Fall Again As Interest Rise For Fourteenth Time

Houses fell at the fastest annual rate in 14 years, according to figures published by the Nationwide Building Society.

Interview with Miriam Nawagamuwa CeMAP, Mortgage and Protection Advisor with Larkin Financial Services.

The second largest UK mortgage lender say house prices fell by 3.8% in the year to July 2023, the sharpest drop since July 2009.

Higher mortgage rates and the cost-of-living crisis are making “affordability a challenge”, the lender said.

Watch video version - https://youtu.be/iIr0nGOGEdc - Charles Kelly Money Tips Podcast.

A typical 5-year fixed rate mortgage was 6.37% this week, but as high as 6.85% for a 2 year deal.

The Bank of England have followed the Fed and ECB by hiking interest rates for the fourteenth time by 0.25% to 5.25%, which will be another nail in the coffin for the housing market and borrowers.

Average price of a home in the UK is now £260,000, £13,000 below a peak last August.

The lender completed 85,000 transactions in June, down from 100,000 the previous year, which is a near 15% fall in business.

If you need mortgage advice contact:

Miriam Nawagamuwa CeMAP  

Mortgage and Protection Advisor

Larkin Financial Services Ltd

07539457777 / 02081333348

239 Mitcham Road, London, SW17 9JG

miriam.nawagamuwa@larkinfinancial.co.uk

See also:

Landlord - Serviced Accommodation V Buy-to-Let Property Rental And HMO’s - Exploring Alternative Buy-to-Let Strategies in the UK: Serviced Accommodation, Holiday Letting, and HMOs

https://youtu.be/5uJcr7YoPso

See: – Transfer Property Into A Limited Company Without Paying CGT or Stamp Duty https://youtu.be/mtGq7WaVxLA

If you would like more information and an assessment on letting your property hassle free, hands-off with FULL MANAGEMENT using the serviced accommodation model, email southherts@localagent.co.uk with your property details and location.

Content for educational purposes only, not financial advice. Always speak to an independent financial or mortgage adviser.

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