Prices in Great Britain

Share

Sell My House Quickly in Reading

Sell My House Quickly found another interesting article about properties in Reading. House prices in Great Britain hit a record high in June. But these are likely to start falling during the next few months as five interest rate rises. And a worsening cost of living crisis finally start to put the brakes on the property market’s record-breaking run, according to Rightmove.

Prices in Great Britain

The property website said asking prices hit a record for a fifth consecutive month in June, rising by 0.3% – or £1,113 – to reach £368,614. However, this was the smallest monthly increase since January, with the site saying.

– “The exceptional pace of the market is easing a little.”

Rightmove added:

“After a very strong first half of the year, it is likely that the housing affordability crunch will have a greater impact on market behaviour in the months ahead, with further interest rate rises anticipated during that period.

“This, alongside more choice coming on to the market for buyers and the usual seasonal variations we would expect, means there are likely to be some month-on-month price falls during the second half of the year.”

Result

The website is expecting that the annual rate of price growth will be slashed almost by half from its current 9.7% to about 5% by the end of this year.

Rightmove also warned that a “conveyancing logjam” meant that those looking to sell their property needed to come to market during the next few weeks to be in with the best chance of moving before Christmas.

A spokesman said that on average it was currently taking 150 days to complete a purchase after agreeing a sale – 50 days longer than during the same period in 2019.

In a separate analysis, the EY Item Club – an economic forecasting group – took a more optimistic view of the housing market’s likely fortunes. It predicted house prices would enjoy “continued growth”, with a crash “unlikely”, and estimated the typical home would end this year worth £52,000 more than it was just before the start of the coronavirus pandemic.

We found this article about House prices in Great Britain hit record high but falls predicted this year on The Guardian. Kindly click the link to read the full story.

At Sell My House Quickly Reading, we pay fair prices for any property fast and quick so please feel free to Contact us here for more details.

Popular Posts

Sell Your House Quickly Reading

If you need to sell your house  quickly, then please fill out the form below and we will be in touch asap.

Copyright 2022 @ All rights Reserved. Maintained by WorkCreatives
Open chat
Hey, are you thinking of selling your house?