I
t is midsummer and a heatwave is spreading across Europe. However, for parts of the British property market there may be a distinct chill in the air.
After months of rapidly rising interest rates, which on Thursday left the average two-year fixed mortgage deal sitting at 6.79 per cent and a five-year fix at 6.31 per cent, thousands of mortgaged would-be upsizers and first-time buyers alike are poring miserably over their calculators.
Such has been the impact of this financial bombshell on people’s budgets that some analysts are predicting house price falls on a scale that would have been considered unthinkable less than two years ago, during the Covid property-buying frenzy. The Resolution Foundation was the latest to cast its stone into the water, predicting
Enjoy unlimited digital access. £1 for 6 months.