Report: UK property prices rise slowest since January

Robert Besser
24 Jun 2022, 02:55 GMT+10

Prices for British homes this month rose at the slowest rate since January, as the cost of living crisis and potential interest hikes continue squeezing home-buyers
Asking prices for homes for sale between 15th May and 11th June were 0.3 percent higher than one month earlier, down from a 2.1 percent rise in prices in May
Asking prices are also up 9.7 percent compared with one year earlier, less than the 10.2 percent increase in May

LONDON, England: Prices for British homes this month rose at the slowest rate since January, as the cost of living crisis and potential interest hikes continue squeezing home-buyers.

Asking prices for homes for sale between 15th May and 11th June were 0.3 percent higher than one month earlier, down from a 2.1 percent rise in prices in May.

Asking prices are also up 9.7 percent compared with one year earlier, less than the 10.2 percent increase in May.

"The exceptional pace of the market is easing a little, as demand gradually normalizes and price rises begin to slow, which is very much to be expected given the many record-breaking numbers over the past two years," said Rightmove director Tim Bannister, as quoted by Reuters.

Rightmove expects annual price increases to slow further over the year at 5 percent.

Of note, the UK property market is slowing, reflecting an overall weakness as the public is facing the highest consumer price inflation in 40 years, Bank of England Deputy Governor Jon Cunliffe said earlier this month.

Since December, the Bank of England raised interest rates five times to 1.25 percent, and financial markets expect them to reach 3 percent by the end of 2022.

Since the start of the COVID-19 pandemic, house prices surged in the UK and other Western countries, as many residents had spare disposable income and sought larger houses to work from home.

According to Rightmove, the number of prospective buyers per home for sale was 6 percent higher than one year ago, and still more than double the level before the pandemic, though it dropped by 8 percent in the past month.

The process for buying a home now takes five months, on average, 50 percent longer than in 2019, it added.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to North Korea Times.

More Information

74 ℉

Fair in Statesville

International

Section

After removing Columbus statue, Philadelphia sued for return

PHILADELPHIA, Pennsylvania: Philadelphia Mayor Jim Kenney and members of the city's historical commission have been sued by a group which ...

Area evacuated as wildfire burns thru Michigan

LANSING, Michigan: Michigan's Department of Natural Resources said by a wildfire in the state has burned through more than 3 ...

Official: airlines industry acting to prevent cancellations

ISTANBUL, Turkey: In an interview with Reuters, Willie Walsh, director-general of the International Air Transport Association, (IATA), said airlines are ...

Protesting Texans send migrants to California

SACRAMENTO, California: Sixteen migrants from Venezuela and Colombia, who had entered the United States through Texas, were transported to California ...

Louisiana park reopens 2 years after being flattened by hurricane

GRAND ISLE STATE PARK, Louisiana: Almost two years after Hurricane Ida struck the barrier island and destroyed most of its ...

Five receive death sentence for allegedly killing six police officers two years ago

YANGON, Myanmar - A regime court sentenced to death five people detained for their alleged involvement in a deadly August ...

Business

Section