For the second time in three months, the Bank of England raised interest rates, as it looked to temper inflation. The inflation rate is at a 30-year high of 5.4%, and analysts expect further increases later this year.
However, one of the most striking issues is the decline in monthly house price growth since June 2021 despite the annual growth rate remaining steady at 9.7 percent. Due to this, house price growth is expected to slow this year.
Since October 2021, house prices in England have risen on average by 1.4%. The annual price rise of 9.8% takes the average property value to £288,000.
Based on the regional data for England:
- With a 2.5% increase in the South West, it was the highest monthly increase
- Prices rose 0.2% in London, the lowest in the country
- With a 12.9% increase in prices, the South West saw the largest price increase.
- With a 5.1% rise in prices in London, this was the lowest annual rate of growth
What does it mean for new home owners?
New home owners or folk that are looking for there first home will probably find it harder than ever before. So what does a new home owner need to be wary of in UK and mainly London region? They will need to make sure that a sizable deposit is at hand because even a 5% deposit will be as large as £25,000 in most London regions. The next thing they will need to focus on is ‘’earnings’’, if the average fellow Londoner doesn’t earn enough, its possible that a mortgage may be refused
New Double glazing Can instantly help the value of a home rise
A London double company called Doorwins has emerged and stated that home owners can catch this wave of rising homes in Greater London by doing one simple change. Doorwins double glazing suppliers have seen that a number of homes that were fitted with the latest double glazing rised in price by 3-7% immediately after installation. The new glazing units included items such as French upvc doors, Casment pvc windows and front or back doors.
Source:
Doorwins
Dearden House, London W5 1BS
Phone: +442086291250
