“The market will continue to rebalance until it finds an equilibrium where buyers are comfortable with mortgage costs in a higher range than seen over the previous 15 years.”
Since December 2021, the Bank of England has lifted interest rates 14 times in row in a bid to clamp down on rising consumer prices in the UK.
However, the Bank’s governor, Andrew Bailey, said on Wednesday that interest rates were now “much nearer” their peak than before, although financial markets still expect a further increase to 5.5% this month and another rise thereafter.
The average home now costs £279,560, according to the Halifax, which is part of Lloyds Banking Group, the UK’s biggest mortgage lender.
Last week, rival lender the Nationwide said that house prices had fallen by 5.3% in the year to August, which it also described as the biggest annual decline since 2009.
Nicky Stevenson, managing director at estate agent group Fine & Country, said: "The number of properties available for sale remains constrained compared to 2019, which was a fairly typical year for the housing market.
The original article contains 513 words, the summary contains 179 words. Saved 65%. I’m a bot and I’m open source!
This is the best summary I could come up with:
“The market will continue to rebalance until it finds an equilibrium where buyers are comfortable with mortgage costs in a higher range than seen over the previous 15 years.”
Since December 2021, the Bank of England has lifted interest rates 14 times in row in a bid to clamp down on rising consumer prices in the UK.
However, the Bank’s governor, Andrew Bailey, said on Wednesday that interest rates were now “much nearer” their peak than before, although financial markets still expect a further increase to 5.5% this month and another rise thereafter.
The average home now costs £279,560, according to the Halifax, which is part of Lloyds Banking Group, the UK’s biggest mortgage lender.
Last week, rival lender the Nationwide said that house prices had fallen by 5.3% in the year to August, which it also described as the biggest annual decline since 2009.
Nicky Stevenson, managing director at estate agent group Fine & Country, said: "The number of properties available for sale remains constrained compared to 2019, which was a fairly typical year for the housing market.
The original article contains 513 words, the summary contains 179 words. Saved 65%. I’m a bot and I’m open source!