Red Squirrel Property Shop

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Overview

  • Annual UK house price inflation at +0.6%
  • 60% with over £300k price cutting asking prices by 5% to attract demand
  • Annual price falls of up to -2.2% concentrated in southern England on markets with an average price over £300,000
  • Other areas of England registering annual house price inflation of over 3.5%
  • Buyer demand down 18% in last two months due to mortgage rates
  • Rates peaking and already signs of dropping back closer to the 4% region
  • Likely to be the southern areas seeing price reductions throughout second half of the year with northern areas performing well
  • UK markets till on track to be down by 5% end of year
  • Mortgage decreased down to 4.99%
  • 80% of markets with an average price over £300k registering modest price falls

 

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Getting a mortgage can be one of the biggest financial decisions you will ever make in your life. Here is a guide where we give you some top tips to help prepare you for a mortgage and the best way you can take a step further to a mortgage offer.

However, there are some risks that can prevent you from being approved of a mortgage offer. This can be due criminal records, No credit score or poor credit score or not enough deposit.

 

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UK Half year report 2023

 

Overview

  •       House price inflation to 1.2% increase as quarterly demand has increased
  •       42% of sellers are accepting offers 5% or more under asking price
  •       UK house prices still on track to drop by 5% in total during 2023
  •       Anyone serious about selling in 2023 needs to be realistic on pricing “Falling mortgage
  •       11% Hit to buying power with higher mortgage rates
  •       14% Fewer buyers in the market in last 4 weeks, compared to 5-year average

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We are very excited to announce the new addition to our growing team at red squirrel!smile

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Key Points to mention

  • Property prices in UK decline 1.3% over the last 6 months
  • Activity level is recovering stopping the speed of decrease
  • Increase in sellers to the market due to market growth
  • Biggest activity in London, Scotland and north east
  • Weaker demand but sales hold up in Midlands and southern England
  • Mortgage regulations have tempered the impact of higher mortgage rates on house prices.
  • 11% proportion of homes on market were previously rentals
  • 1.9% UK house price increase YOY

 Property Price drop in the last six months to adjust higher mortgage rates & rise of living costs

In the last 6 months there has been a drop of 1.3% of Zoopla price index, this is mainly due to the increased mortgage rates. However, demand has recovered recently reducing the decline.

The annual rate of price inflation is 1.9%, down from 9.6% a year ago.

We would expect prices to remain relatively similar for the rest of the year, with mortgage rates stabilising and demand showing promise. However, with the higher-than expected inflation rise, it is likely interest rates may rise, if they do this will of course have a knock-on effect to mortgages, then onto property prices.

 

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  3. UK Property Market Update - February 2023
  4. Isle of Wights 'Best In Business' awards

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