Rolling coverage of the latest economic and financial news
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House price growth continues to “drift downward” in response to mounting pressures in the broader economy, says Nicky Stevenson, managing director of national estate agent group Fine & Country:
“Increased borrowing costs have come at a time when disposable incomes are already shrinking and the UK is edging closer to recession.
“These pressures are bound to stretch affordability in the months ahead with inflation still to peak and more aggressive monetary tightening now being signalled by the Bank of England.
Since 2020 Q1, average house prices in the capital have increased by 14.9%, whilst all other regions, except the Outer Metropolitan, have seen at least a 20% uplift.
“The South West was also the strongest region over this period, with a 27.7% increase, after taking account of seasonal effects, followed by Wales, where average prices rose 26.2%. Meanwhile in the North West, prices were up 25.8%.
