Home owners on fixed-rate mortgages have been cushioned from rate rises so far, the Halifax said.
"With interest rates on the rise and inflation further squeezing household budgets, it remains likely that the rate of house price growth will slow by the end of this year," he added.In the short-term, property sales and purchases and mortgage approvals are still above pre-pandemic levels, and the Halifax expects the market to remain buoyant for now.
And the net cash increase for detached properties, at just under £50,000 over the past year, is nearly five times more than for flats.Looking ahead Martin Beck, chief economic adviser to the EY Item Club, said: "The squeeze on real incomes from high inflation means fewer people will be able to afford to borrow the necessary amount they need to buy at higher mortgage rates."
🎶 The wheels on the scam go round and round 🎶
Biggest bubble in history, not looking forward to the collapse.
The Capitalism Scheme: Those who do almost nothing are paid almost everything. Those who do almost everything are paid almost nothing. And to disagree with this blatantly wrong system is to be a communist, socialist, etc... I'd call those who oppose this system true Patriots.