Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

House prices climb 11% despite cost of living squeeze

by August 2, 2022
August 2, 2022
House prices climb 11% despite cost of living squeeze

House prices are continuing to rise despite the growing cost of living crisis.

The Nationwide said prices climbed 11% in the last 12 months, although the rise over the last month was just 0.1%.

“The housing market has retained a surprising degree of momentum,” said Robert Gardner, Nationwide’s chief economist.

But he said that there were “tentative signs of a slowdown in activity”.

The July figure was slightly ahead of June’s annual rise of 10.7% and left the average house at £271,209.

“Demand continues to be supported by strong labour market conditions, where the unemployment rate remains near 50-year lows and with the number of job vacancies close to record highs,” said Mr Gardner.

“At the same time, the limited stock of homes on the market has helped keep upward pressure on house prices.”

The Bank of England is expected to increase interest rates by as much as 0.5% on Thursday when and that could “exert a cooling impact on the market” he said.

“We continue to expect the market to slow as pressure on household budgets intensifies in the coming quarters, with inflation set to reach double digits towards the end of the year.”

First-timer buyer mortgage completions remain around 5% above pre-pandemic levels, according to the Nationwide, despite the rising affordability pressures caused by the cost of living squeeze.

“First-time buyer numbers remain strong but that is likely to reflect significant financial input from the Bank of Mum and Dad, as deposit levels rise along with house prices and interest rates,” said Mark Harris, chief executive of mortgage broker SPF Private Clients.

Borrowers remained extremely keen to secure a fixed-rate mortgage before rates go up again, as they are expected to later this week, he said. “Minds are focused on getting deals done before the cost of borrowing inevitably rises further still.”

“Today’s market is being fuelled by people’s desperation to find a home before interest rates rise further and the cost of living crisis bites deeper,” said Nicholas Finn, managing director of Garrington Property Finders.

Read more:
House prices climb 11% despite cost of living squeeze

0
FacebookTwitterGoogle +Pinterest
previous post
UK economy grows but fears remain over rising prices
next post
Toyota to leave UK if government bans hybrid car sales from 2030

You may also like

Strike Suspension at Tata Steel’s Port Talbot Plant...

July 2, 2024

Confidential documents from 14 UK schools leaked by...

January 6, 2023

Lidl sued for £2.6m by grocery supplier for...

December 22, 2022

Tories Hint at National Insurance Abolition in Next...

April 1, 2024

What will the customer experience look like in...

December 12, 2022

How do you choose the right precious metals...

January 25, 2023

Navigating Tax Obligations for Your Business: Essential Insights

September 2, 2024

UK house prices see slight uptick in june...

July 2, 2024

5,000 UK chain stores closed in 2023 at...

March 14, 2024

Amazon to cut hundreds of staff at Prime...

January 11, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Hegseth abruptly pulls Pentagon officials from ‘globalist’ Aspen conference

      July 15, 2025
    • Mike Waltz faces post-Signalgate ‘brutal’ grilling from Dems in UN ambassador hearing

      July 15, 2025
    • SCOOP: Fiscal hawks fire warning shot at Senate GOP for pushing changes to Trump’s $9.4B spending cuts bill

      July 15, 2025
    • ‘Better access’: Bipartisan Senate push to fund farmers suicide prevention fund gains steam

      July 15, 2025
    • Decline in pension fund demand for UK bonds could drive £20bn surge in borrowing costs, OBR warns

      July 15, 2025
    • How a £400,000 fund in Oxfordshire shows the future of community investment

      July 15, 2025

    Categories

    • Business (8,483)
    • Investing (2,121)
    • Politics (16,043)
    • Stocks (3,209)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved