The uptick in house prices in October most likely reflects the fact that the supply of properties on the market is constrained, Nationwide said.
House prices rose by 0.9% on average month-on-month in October – likely reflecting a constrained supply of properties for buyers to choose from – according to an index.
“There is little sign of forced selling, which would exert downward pressure on prices, as labour market conditions are solid and mortgage arrears are at historically low levels.“Despite signs that cost-of-living pressures are easing, with the rate of inflation now running below the rate of average earnings growth, consumer confidence remains weak and surveyors continue to report subdued levels of new buyer inquiries.
Jeremy Leaf, a north London estate agent and a former residential chairman of the Royal Institution of Chartered Surveyors said: “High mortgage rates and inflation may be compromising buyer demand but strong employment and shortage of properties for sale in areas of highest demand is keeping prices strong.”
He added: “The seasonal bounce in activity didn’t happen this autumn, although price falls have been kept in check by weak supply. We expect UK prices to fall by 7% this year and 4% next year as inflation comes under control and mortgage rates stabilise.” “Swap rates, which underpin the pricing of fixed-rate mortgages, are trending down again after a recent blip. While the direction of travel for new mortgage rates is generally downwards, we have seen a few lenders pull rates in the past few days, although this has been primarily in order to slow business.”
“However, as mortgage rates fall, we are now seeing more borrowers looking to jump to secure a new deal. First-time buyers are particularly active.”
Danmark Seneste Nyt, Danmark Overskrifter
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