The Hometrack UK House Price Index analyses housing market trends at a city level on a monthly basis – across 20 cities, plus regions, and nationally.
- Demand weakening over summer, more so than last year
- New sales volumes holding up, supporting headline price growth
- Cost of living hitting lower income households hardest, while those that buy homes tend to be on higher incomes
- Higher mortgage rates to have a greater impact on activity in H2
- Mortgage rates for new buyers on track for 4%. The average first–time buyer will need an extra £12,250 in income to buy a home compared to a year ago and up to £35,000 more in London.
- Higher mortgage rates will impact activity and prices in higher–priced, unaffordable markets and less so in lower value markets.