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.
Executive summary:
- 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.
You can read the latest full report online on the Hometrack website.