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

Finalists revealed for Isle of Man Innovation Challenge...

April 4, 2025

Ofgem threatened with legal action if it doesn’t...

August 17, 2022

Record sales drive Jaguar Land Rover into fast...

November 3, 2023

Secrets of Success: Catherine Storey, CEO of Freshbat

August 1, 2024

Top unusual ways to celebrate birthday party

May 24, 2024

UK Holds Competitive Edge in Green Products, IPPR...

May 15, 2024

How companies carry out fleet maintenance in the...

July 26, 2024

Carbon Footprint Calculators – An Essential Tool For...

January 17, 2023

How and why gender diversity is KEY for...

April 3, 2024

Truck Invoice Factoring 101: How It Works And...

March 7, 2024

Finalists revealed for Isle of Man Innovation Challenge...

April 4, 2025

Ofgem threatened with legal action if it doesn’t...

August 17, 2022

Record sales drive Jaguar Land Rover into fast...

November 3, 2023

Secrets of Success: Catherine Storey, CEO of Freshbat

August 1, 2024

Top unusual ways to celebrate birthday party

May 24, 2024

UK Holds Competitive Edge in Green Products, IPPR...

May 15, 2024

How companies carry out fleet maintenance in the...

July 26, 2024

Carbon Footprint Calculators – An Essential Tool For...

January 17, 2023

How and why gender diversity is KEY for...

April 3, 2024

Truck Invoice Factoring 101: How It Works And...

March 7, 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

    • Tesla sees UK sales rebound in June as EV market accelerates

      July 5, 2025
    • Hived raises $42m to roll out electric delivery fleet across southern England

      July 5, 2025
    • Week Ahead: NIFTY Set To Stay In A Defined Range Unless These Levels Are Taken Out; Drags Support Higher

      July 5, 2025
    • “A turning point for education”: James Caan launches bold education reform plan in House of Lords

      July 5, 2025
    • ‘Invest in Women’ fund criticised for slow rollout as MPs call for bolder action

      July 5, 2025
    • Iran regime escalates repression toward ‘North Korea-style model of isolation and control’

      July 4, 2025

    Categories

    • Business (8,397)
    • Investing (2,102)
    • Politics (15,945)
    • Stocks (3,190)
    • 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