In light of high inflation rates, the UK has experienced the largest decline in house prices among the major eurozone countries, according to Liam Bailey, global head of research at Knight Frank. The UK is facing weaker market conditions due to the entrenched inflation and the structure of the mortgage market, which offers more short-term, fixed-rate products compared to other markets. Consequently, the recent rapid increase in debt costs has had a more immediate impact on the UK market compared to other markets on the continent. Knight Frank’s report also revealed that global house prices grew at the slowest pace since 2015 during the first quarter of 2023, with a 3.6% increase across 56 markets, down from 5.7% in the previous quarter.
In Central London, the price of an average family home has declined by 7.2% since last summer, as soaring borrowing costs weigh on buyers. This equates to a decrease of £108,000 for a home that would have been sold for £1.5m in September. The latest data from JLL property consultancy indicates that this decline is specific to homes valued under £2m in prime Central London postcodes. Notably, higher-end properties, valued over £2m, experienced a much smaller decline of only 0.8% year-on-year, as they are less susceptible to interest rate rises.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
