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

Future Retirement Success

Business

Cost of average UK home rises by just £14

by February 20, 2023
February 20, 2023
Cost of average UK home rises by just £14

The average cost of a home in the UK rose by only £14 this month as the housing market entered a period of “greater realism” on price.

Figures from Rightmove, the property website, suggest the average house price in the UK is £362,452, up 3.9 per cent from last year.

Prices for newly listed homes remained flat between January and February, while interest from buyers was up 11 per cent compared with the same period in 2019, before the pandemic struck, the figures showed.

House prices usually rise at the start of a calendar year as more homes enter the market and sellers try to bid up in expectation of higher demand.

Tim Bannister from Rightmove said that the figures showed that many sellers were breaking with tradition and showing unseasonal initial pricing restraint. “Market conditions are demanding greater realism on price and we are transitioning into a slower-paced market, where buyers will take longer to find the right property at the right price due to the higher cost of servicing a mortgage,” he said.

The housing market is still expected to slow down substantially as a result of rising borrowing costs and a slowing economy. This year is expected to register the biggest drop in house prices since the financial crisis.

Mortgage rates have stabilised after the lending market was thrown into turmoil following last September’s mini-budget, which led to hundreds of mortgage offers being withdrawn. Rightmove said the cost of an average five-year fixed mortgage with a 15 per cent deposit had fallen to 4.82 per cent from 5.9 per cent in October.

The Bank of England is expected to raise interest rates by 0.25 percentage points next month and then bring a halt to its tightening after more than a year of raising borrowing costs. Falling inflation and steadily rising unemployment are likely to mean the Bank will hold off on further rate rises after March, according to money market predictions that expect rates to remain at 4.25 per cent for most of the year.

Rightmove’s figures suggest that first-time buyers have shrugged off the mini-budget turmoil with overall sales down only 7 per cent on 2019 levels, while total home sales are still 11 per cent below pre-pandemic levels.

“This suggests that though the first-time buyer sector has been hardest hit in terms of the number of buyers inquiring, those who are in the market and able to move are motivated to agree a purchase, driven in part by high and increasing rents, and a continued desire to own their own home,” Rightmove said.

Sales of the most expensive homes are down 16 per cent in the first two weeks of February compared with the same time in 2019. The average price of “top of the ladder” homes, which excludes prices in central London, dipped 0.8 per cent between January and February to £650,755. Bannister said the housing market was moving towards a “more normal level of activity” after surging demand during Covid-19 lockdowns and the panic introduced by the Liz Truss government.

Read more:
Cost of average UK home rises by just £14

0
FacebookTwitterGoogle +Pinterest
previous post
Loss of nearly 15,000 UK retail jobs a ‘brutal start to 2023’
next post
Instagram and Facebook join Twitter with paid-for verification

You may also like

Why SMEs won’t ditch Green intentions despite ongoing...

February 23, 2023

London nursery fees could hit 80% of the...

February 23, 2023

Scaling Success: Celebrating Achievements at Paul Avins’ Grown...

January 25, 2024

Business Planning: A Royal Pain or the Secret...

March 13, 2024

Goldman Sachs predicts six interest rate cuts by...

January 23, 2025

Four-day working week requests to come ‘flooding in’ 

March 27, 2023

Deliveroo CEO Will Shu sells £15m worth of...

September 17, 2024

Chancellor to outline £50bn city reforms to turbocharge...

July 10, 2023

Corporate support for UK Pride festivals declines amid...

June 14, 2025

Elon Musk’s AI Start-Up xAI Raises $6bn in...

May 27, 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

    • Key blue state Republican says Senate’s local tax write-off offer is a ‘good deal’

      June 28, 2025
    • Key GOP senator defects on crucial vote, imperiling Trump’s ‘big, beautiful bill’ in narrow majority

      June 28, 2025
    • Terror in Gaza: Hamas offers bounties to kill US and local aid workers, group says

      June 28, 2025
    • SCOOP: Blue state Republican could oppose Trump tax bill over Medicaid changes

      June 28, 2025
    • Marco Rubio holds first meeting with families of hostages held by Hamas

      June 28, 2025
    • Trump’s NATO Turnaround: From threatening to pull US out to ‘daddy’ of the alliance

      June 28, 2025

    Categories

    • Business (8,329)
    • Investing (2,081)
    • Politics (15,849)
    • Stocks (3,177)
    • 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