Economic Buzz: UK Home Prices Rise 8.2% On Year In August, Signs Of Stress Visible Though

29 Sep 2022 , 03:28 PM

House prices in the UK rose by 8.2% on an annual basis in August, says Zoopla, marking a 19,650 British Pound gain over the year. However, the housing market is slowing, says Zoopla as higher mortgage rates are set to cut buying power by up to 28%. This calculation is contingent on mortgage rates rising from 2% to 5% and borrowers wishing to keep their monthly repayments unchanged. The report also shows that 6% of homes listed for sale have now had their asking prices reduced by 5% or more, the highest this metric has been since before the pandemic. Powered by Commodity Insights