House Prices Rise in UK Despite Economic Disruption

BUSINESS

According to reports, the house prices in the United Kingdom edged higher in October 2022, although the demand from the first-time purchases has been decreased as rates of mortgage increase. Despite the economic disruption caused by the mini budget of the UK government, there had been little sign of the housing market dropping down.

According to various property websites, the average price of a property coming to the market in October 2022 was increased by 0.9 percent, to a new record of 371,158 pounds, which is slightly below the average increase for the year.

However, Rightmove, a property website warned that the effects of wider economic uncertainty can take time to filer, along with some purchasers rushing to complete on the back of the existing offers of mortgage.

First-time purchaser demand was 21 percent lower in the past two weeks compared with same period of 2021, but it is still higher than in 2019. According to Rightmove, some new movers had stopped their plans in the face of uncertainty over rates and prices.

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Around 1,000 mortgage deals were removed from sale in the country by lends in September 2022, after the mini-budget affected the financial markets, and prompted expectations of much high interest rates.