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UK house prices fall for first time in nearly three years, says Lloyds
The rise in mortgage rates could cool demand in the UK housing market, where (as reported earlier) prices fell last month.
Tom Bill, head of UK residential research at Knight Frank, says:
“We have seen a spring slump rather than a seasonal bounce this year as prices and transactions came under pressure from higher mortgage costs and an ever-present concern around which taxes the government may raise next.
Falling house prices are a natural consequence of that and whether we see a seasonal autumn bounce will depend on the level of any pre-Budget speculation and how the unpredictable conflict in the Middle East unfolds and impacts on UK inflation expectations.”
The average 2-year fixed residential mortgage rate today is 5.63%. This is up from 5.60% the previous working day.
The average 5-year fixed residential mortgage rate today is 5.68%. This is up from 5.64% the previous working day.
“The pricing margins among major lenders are under pressure due to renewed volatility in the swap rate market, so it is somewhat inevitable for them to adjust rates. Major…
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