Sixth price record but market cooling from boil to simmer.
July 2022 House Price Index from Rightmove.co.uk
- Price of property coming to market hits sixth consecutive record of £369,968, up 0.4% in the month (+£1,354):
- New first-time buyers face record prices and rising interest rates, meaning that their monthly mortgage payments are now 20% (+£163) higher than the start of the year
- More buyers may lock in longer mortgage terms to bring more certainty to their outgoings, especially as lenders are now offering virtually the same rate for either two-year and five-year fixed mortgages
- Rightmove revises full-year 2022 house price forecast up from 5% growth to 7% despite cooling market, as record low stock volumes struggle to recover enough to meet buyer demand, though there are signs of this improving:
- Number of new sellers coming to market is up by 13% compared to this time last year, although available stock is still 40% down on June 2019’s levels which will help to underpin prices
- Demand to move is coming off the boil but remains high despite economic and political uncertainty:
- Buyer demand is up 26% on June 2019’s levels, though down 7% on last year’s frenzied market.
See full report on: https://www.rightmove.co.uk/news/house-price-index/