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UK housing market gains ground in September with lower borrowing costs

UK housing market gains ground in September with lower borrowing costs

Posted on October 16, 2023   |  

The Royal Institution of Chartered Surveyors noticed a surge in homebuyer interest and sales, with positive expectations for sales in the upcoming year, signaling a housing market recovery.

This renewed interest is attributed to more affordable home loans, encouraged by the Bank of England's decision to halt interest rate increases.

Nevertheless, it's essential to exercise caution as various indicators indicate ongoing challenges in the housing market, marked by widespread declines in house prices, reminiscent of the 2009 financial crisis.

Other surveys, such as the one conducted by the Nationwide Building Society, also suggest increased stability in the housing market, with house prices holding steady in September.

The housing market may be in the midst of a challenging period, with prices expected to drop by approximately 10% from their previous peak in the last year.

Although some mortgage rates have decreased, they remain significantly higher compared to early 2022, potentially adding financial pressure when homeowners need to renew their mortgage deals.



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