By Jonathan Cable LONDON (Reuters) - British home prices will fall 4% this year, more than was thought a few months ago, as high interest rates and ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSLONDON - British home prices will fall 4% this year, more than was thought a few months ago, as high interest rates and living costs keep potential buyers out of the property market despite a shortage of supply, a Reuters poll showed.
Average home prices were predicted to fall 4% in total in calendar 2023, slightly more than a 3% drop predicted in a poll published in June but not as bad as some had expected earlier, the Aug. 14-30 poll of 18 market specialists showed. "Forward-looking indicators are continuing to show a decline in buyer demand and negative price expectations. This is largely the result of higher mortgage costs negatively impacting affordability and placing downward pressure on house prices," said Michael McGill at real estate firm CBRE.
While the average asking price for a home in the capital was 672,961 pounds in August, according to property website Rightmove, a buyer in Kensington would expect to pay on average 1,667,486 pounds yet in Barking and Dagenham it was 367,526 pounds.Those unable or unwilling to make it onto the property ladder will feel the pinch from surging rental costs.
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