The persistence of inflation and unexpected mortgage rate increases have played a role in the decline of prices and the number of agreed sales
MORTGAGE MAYHEM: Rising mortgage rates are biting, according to Rightmove, as a separate report from Hamptons said rents on new lets reached a record high in June
According to the property website, although buyer demand remains strong, the supply of available properties for sale is currently 12 per cent lower compared to the same period in 2019. The average asking price for homes across Britain stands at £371,907, with average prices still showing a 2.6 per cent increase since January.
Notably, smaller homes with a maximum of two bedrooms have been less affected by the subdued market conditions. This reflects the determination of first-time buyers and indicates a trend of some individuals opting for early retirement and downsizing to smaller properties. In a separate report, property firm Hamptons reveals that the average rent for newly-let properties in Britain reached a record high of £1,273 per month in June. This represents an increase of around £110 per month or 9.4 per cent compared to the previous year.
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