British house prices dropped on an annual basis in May for the first time in 11 years, mortgage lender Halifax said on Wednesday, as the drag on the housing market from rising interest rates became clearer.
The average property price fell 1.0% compared with May last year, the first year-on-year decline since December 2012, in line with forecasts in a Reuters poll.Kim Kinnaird, director of mortgages at Halifax, said demand was weakening and higher interest rates were likely to increase pressure on house prices.
Britain's housing market recovered somewhat in early 2023 from the weakening late last year in response to former Prime Minister Liz Truss's announcement of unfunded tax cuts, which triggered turmoil in financial markets. "The brief upturn in the housing market in the first quarter has faded, with the impact of higher interest rates gradually feeding through to household budgets, and in particular those with fixed rate mortgage deals coming to an end," Kinnaird said.
Separate figures from UK Finance showed lending to first-time buyers in the three months to March was the weakest since spring 2020 when the housing market was largely shut due to the COVID-19 pandemic.after bond yields jumped when consumer price inflation came in at 8.7% in April, above the consensus of 8.2%.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Major UK lender Halifax pushes up mortgage ratesBritain's largest mortgage provider Halifax will ramp up interest rates for new home loans on Wednesday, according to pricing provided to brokers, the latest major lender to do so in response to soaring funding costs.
Consulte Mais informação »
Prince Harry a no-show on first day of court showdown with British tabloid publisherPrince Harry's highly anticipated showdown against the publisher of the Daily Mirror kicked off Monday without him present in court — and the judge was not happy.
Consulte Mais informação »
Prince Harry defies judge’s order, ditches first day of trial against British tabloidPrince Harry failed to appear in a London court Monday for the first day of his showdown against the UK’s Daily Mirror – with the judge saying he was “a little surprised” by the royal’s absen…
Consulte Mais informação »
Prince Harry a no-show on first day of court showdown with British tabloid publisherPrince Harry’s battle with the British press is headed for a showdown in a London courtroom this week with the publisher of the Daily Mirror.
Consulte Mais informação »
Prince Harry is the first British royal to take the stand in 130 yearsThe Duke of Sussex testified on Tuesday as part of a phone hacking trial against Mirror Group Newspapers, where Piers Morgan once served as an editor
Consulte Mais informação »