Today, Halifax released their latest House Price Index data which showed that once again, house prices continue to increase, but the rate of annual growth has slowed.
Please see my comments below:
“It’s beyond reason that annual house price growth is still comfortably in double digits and that prices rose in August. But with more rate rises on the cards and the cost of living crisis set to crescendo, the property market will soon come back down to earth.”
“Higher mortgage rates and the immense pressure on household finances will almost certainly start to temper demand in the months ahead. Even then, the abject lack of good quality, affordable housing will support prices even as we go through an unprecedented cost of living crisis.”
“There’s life in London yet and the capital may see further house price growth if the remote working trend goes into reverse as people focus on retaining their jobs during the dark economic days ahead. House prices in the capital, as the engine room of the UK economy, could bizarrely benefit from a recession, as the regions go into reverse.”