According to the latest market report, the demand for homes in the UK has fallen by 18% in the past two months, primarily due to a spike in mortgage rates.
The UK housing market is experiencing a decline in affordability for new home buyers. High inflation and increasing mortgage rates are impacting sales volumes and price growth.
UK rental inflation continues to rise for the 15th consecutive month, with rents registering double-digit growth. Despite seasonal factors contributing to a slight decrease in the annual rate.
Rents are on the rise, but the pace of growth is slowing down. As renter affordability becomes increasingly stretched, many are exploring flexible location options beyond their city.
our report sheds light on the evolving landscape for first-time buyers, showcasing their resilience in the face of higher mortgage rates and offering strategies to navigate affordability challenges.
The UK government's introduction of the Renters' Reform Bill, aimed at improving the private rented sector and enhancing tenants' rights, has been delayed due to procedural issues.
The housing market is moving towards a soft landing, with demand for homes at its highest level this year, and the probability of a major price correction remaining low.
The market is on an upward trend, with the demand for homes reaching its highest level since last October. All areas are registering an improvement in market conditions.
The rental market in the UK has been experiencing a period of high demand and activity, with rents rising well above earnings growth for the past two years.
Homebuyer demand has rebounded in the first two months of 2023, although it remains at 50% of the level recorded a year ago. The report also reveals that sales volumes have recovered but are still low
The UK rental market has experienced a significant increase in private rental prices in the past year, with the latest data revealing the largest annual percentage change since January 2016.
Mortgage rates continue to fall and the number of product options has surpassed 4,000 for the first time since August 2022.
0161 223 0542
Mon - Fri: 9:30am - 6:30pm
Sat: 11am - 3pm
lettings@mhhg-estateagents.co.uk
sales@mhhg-estateagents.co.uk
info@mhhg-estateagents.co.uk
Complaints handling procedure
https://www.tpos.co.uk/mem-compliance/complaint-handling-toolkit
1A Oakfield Grove,
Manchester,
M18 7FP
