House prices decline 4.6 per cent in year to August as higher mortgage costs hit buyers
The Bank of England has raised interest rates 14 times since December 2021, taking rates to 5.25 per cent in August. Governor Andrew Bailey said on Wednesday that rates were now"much nearer" their peak than before, although financial markets still expect a further increase to 5.5 per cent this month and another rise after.
Official data showed house prices rose 27 per cent between February 2020 and their peak in September 2022, reflecting increased demand for living space during the COVID-19 pandemic, temporary tax breaks and low interest rates over much of that period. A Reuters poll of housing market analysts last week showed they expected prices this year to fall 4 per cent and to be unchanged in 2024 before rising 3.3 per cent in 2025.
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