According to Rightmove, the average asking price for houses in the UK dropped by a mere £82 in June, despite the chaotic mortgage rate situation. However, demand from home movers remains strong, as indicated by the 6% increase in buyer demand compared to the same period in 2019. Over the past year, house price growth has slowed down to 1.1%, and Rightmove predicts a 2% fall in asking prices by the end of 2023. Regional variations in house price movements were observed, with the North East experiencing the highest growth of 4.9% and London seeing a decrease of 1.6%. Tim Bannister, Rightmove’s director of property science, noted that sellers who accurately price their properties are more likely to find buyers quickly. Despite rising mortgage rates, the number of sales being agreed has only dropped marginally, indicating ongoing activity in the housing market. Experts have varying opinions on the future of house prices, with one predicting a 35% fall over three years and another anticipating a small dip in the short term due to decreased buying and selling activity. For borrowers seeking mortgages, it is advisable to explore options and secure rates as soon as possible. Remortgaging should also be considered for those whose fixed-rate deals are nearing their end. Comparing mortgage costs and seeking the assistance of a broker can help borrowers find the best deals available to them.
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