SURGING mortgage rates could push down house prices in the year ahead, according to surveyors. The experts have said “storm clouds are visible” in the housing market, as the average two-year mortga…
And the average five-year fixed deal was 6.32%. Both of these average rates are the highest since 2008.Sales volumes have been falling for five months in a row and are at their worst levels since May 2020, in the early period of the coronavirus pandemic.They cited expected further substantial rises in mortgage rates as a factor, RICs said.
"For now, mortgage arrears and possessions remain at historic lows but they are inevitably going to move upwards over the next year, as pressure on homeowners grows." "Sentiment has been damaged as lenders have struggled to fix rates, marking the end of a 13-year period of ultra-low borrowing costs. But Zoopla is more sceptical about a major fall in house prices. The real estate firm said that house prices are unlikely to fall dramatically unless there's a major battle to haggle asking prices down.Mortgage rates were already rising partly due to soaring inflation and frequent rises to the Bank of England's base rate.And any increase to the base rate of interest makes borrowing more expensive.
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