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House price crash warning: ‘Significant fall’ looms after interest rate hike | UK | News

Estate agency Savills now estimates that the average mortgage bill has risen to £1,150, a £349 rise since the start of the year.

Neal Hudson, a UK housing market analyst and founder of researchers BuiltPlace, said that by July, the mortgage bill on an average British home had outstripped what a typical earner could afford by 17 percent.

Andrew Wishart, a senior economist at Capital Economics, said: “A rise in mortgage rates to as high as 6 percent looks increasingly possible.”

Mr Hudson commented: “If mortgage rates did get to 6 percent, we would be looking at something pretty disastrous for house prices.”

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