House prices rise, but a cool down could be coming
House prices have hit a sixth record high this year, but the pace of growth is likely to cool in the second half of 2022, Rightmove says. The website’s new house price index shows the average asking price reached £369,988 in July, a sixth consecutive rise — and up 9.3% on this time last year.
Many property websites and experts are predicting the market will cool later this year. Demand for houses is likely to fall due to the rising cost of living and concerns over affordability, with interest rates expected to rise again in 2022 and further energy price rises coming in from October.
But despite Rightmove stating there are signs that the market will settle later this year,…
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Homebuilding & Renovating (Digital) - 1 Issue, October 2022