Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.
UK's housing market to decline due to high mortgage rates

UK's housing market to decline due to high mortgage rates

Posted on January 17, 2023   |  

Britain’s biggest housebuilder, Barratt Developments is cutting back on buying land as it braces itself for a further slump in the UK housing market.

It was also forced to dump building plans for 3,293 land plots, canceling out the 3,003 plots that proceeded with construction.

H1 2022 was affected by political and economic uncertainty impacted which was compounded by rapid and significant changes in mortgage rates, which reduced affordability, homebuyer confidence, and reservation activity through Q2.

The H1 2023 is uncertain as lenders have raised mortgage borrowing costs in response to high UK interest rates, which grew nine times in the past year.

Lenders raised mortgage rates because of the government’s disastrous mini-budget in September, as the resulting market disruption led some lenders to pull their mortgages off the shelf, while others raised the costs of borrowing in response to the uncertainty.



Previous Next