Soaring inflation following the long-term impacts of the coronavirus pandemic and Russia's war with Ukraine has led to a rollercoaster ride for Britain's housing market over the past three years.
Average house prices in the UK have fallen for the fourth consecutive month with the prospect that an annual price fall is likely, Halifax reports.
The rising price of materials and the increased cost of carrying out construction work are shaking the industry to its core.
It has been a turbulent year for homeowners, with mortgage rates surging and signs house prices could be starting to drop. Interest rates have steadily risen, with the Bank of England raising its base rate for the ninth time in a row to 3.5%.
Buy-to-let investors are swooping to snap up property bargains as buyer demand disappears amid the housing market downturn.
New largest annual growth recorded in November. Private rental prices paid by tenants in the UK increased by 4% in the 12 months to November 2022, according to the Office for National Statistics (ONS).
The expectation is that numbers will continue to fall gradually into 2023. UK inflation rose by 10.7% annually in November, easing from a four-decade high of 11.1% recorded in October.
Millions Of Younger Adults Worried About the Cost-Of-Living Crisis Impeding Their Homeownership Plan
Research also reveals they are making significant changes to their lifestyles to save money.
- Bank of England Raises Rates to 3.5% Increasing Pressure on Homeowners
- Rent Arrears Are the Big Fear For 2023
- High-Rise Mortgage Costs See Surge in Rents Across The UK
- House Prices Fall by The Biggest Amount in 14 Years
- Sterling Drops as Falling UK House Prices Add to Recession Worries
- Government Ditches Mandatory Housebuilding Targets
- UK Homeowners Settling for Lower Prices as Housing Market Continues To Slide
- Soaring Rents Making Life ‘Unaffordable’ For Private UK Tenants, Research Shows