blog mortgage118

Tag: house prices

  • Mortgage Rates Rise, Impacting UK Housing Markets

    Mortgage Rates Rise, Impacting UK Housing Markets

    Mortgage rates are climbing, leading to significant shifts in the UK housing market, particularly in regions that had previously shown resilience. As the average two-year fixed mortgage rate reaches 5.55%, up from 5.29% in the previous month, the financial pressure on buyers is becoming increasingly evident, especially in some of Britain’s more affordable areas.

    TL;DR: The average two-year fixed mortgage rate has surged to 5.55%, adding approximately £250 monthly to typical mortgage costs; this is beginning to affect house prices in previously stable regions.

    How Are Rising Mortgage Rates Affecting House Prices?

    According to Rightmove’s latest House Price Index, average asking prices in the UK have increased by 1% (£3,575) this month, bringing the average to £371,015. However, this figure remains 0.1% lower than a year ago. The North East has experienced the most significant decline, with prices dropping by 2%, followed closely by Scotland at 1.9%. Other regions, including the North West and Wales, have also seen slight decreases in asking prices, while Yorkshire and the Humber recorded a modest increase of 0.3%.

    What Is the Current Situation in London?

    London has reported the largest monthly increase in asking prices, rising by 2.5% in October. This rebound follows a challenging summer, where prices fell by 6% during July and August. Despite this recent uptick, prices in the capital are still down 1.7% compared to October 2025. Notably, 38% of London properties have had their asking prices reduced, and homes are taking an average of 78 days to secure a buyer, with only 42% of listed properties finding a buyer. This suggests that the price increase may reflect heightened seller expectations rather than a genuine recovery in the market.

    Why Are Sales Declining?

    Across the UK, the number of sales agreed is 8% lower than during the same period last year, with buyer inquiries down by 9%. Interestingly, new listings have increased by 3%, leading to the highest number of homes for sale at this time of year since 2014. This oversupply, combined with rising mortgage rates, is likely contributing to the decline in sales. Additionally, potential first-time buyers may be postponing their decisions as they await further details on the government’s proposed Your First Home scheme.

    What This Means for Buyers and Sellers

    The increase in mortgage rates is putting considerable pressure on affordability for buyers across Great Britain. As mortgage costs rise, sellers in previously resilient markets are beginning to adjust their pricing strategies. This shift means that buyers may find more opportunities for negotiation, particularly in regions where prices have started to decline. However, the uncertainty surrounding the upcoming Budget may further influence buyer sentiment and market dynamics.

    Frequently Asked Questions

    What should buyers consider in the current mortgage environment?

    Buyers should evaluate their budget carefully, considering the impact of rising mortgage rates on their monthly payments. It’s advisable to consult with mortgage brokers to explore available options and potentially secure more favorable terms.

    How can sellers respond to changing market conditions?

    Sellers may need to reassess their pricing strategies in light of declining buyer interest and increasing competition. Adjusting expectations and being open to negotiations could help facilitate sales in a challenging market.

  • Buyer Confidence Declines Amid Rising Mortgage Rates

    Buyer Confidence Declines Amid Rising Mortgage Rates

    The latest survey from the Royal Institution of Chartered Surveyors (RICS) indicates a significant decline in buyer confidence as concerns over rising interest rates continue to loom. In September, the net balance for new buyer enquiries fell to -22%, a notable drop from -18% in August, marking the first decrease since March. Despite this, the figure is an improvement from the six-month low of -41% recorded earlier this year.

    TL;DR: Buyer demand weakened in September, with new buyer enquiries dropping to -22%; this trend reflects growing concerns over rising mortgage rates, impacting potential homebuyers and landlords.

    What is Driving the Decline in Buyer Demand?

    The decline in buyer demand is largely attributed to the renewed expectations of rising interest rates. The RICS survey highlights that agreed sales also faced pressure, with the net balance slipping to -18% from -16%. This indicates that sales activity is losing momentum, although it remains better than the three-month average of -25%. The increase in fixed mortgage rates has resulted in a typical mortgage repayment rising by nearly £2,000 annually compared to the beginning of 2026, further discouraging potential buyers.

    How Are House Prices Being Affected?

    House prices are also under pressure, as evidenced by the headline net balance falling to -32% in September from -28% in August. This suggests that surveyors anticipate continued downward pressure on house prices in the near term. The three-month house price expectations balance stands at -24%, indicating that many in the market foresee further declines. However, over the next 12 months, the balance is projected to be zero, suggesting that house prices may stabilise and remain broadly flat.

    What This Means for Mortgage Borrowers and Landlords

    For potential homebuyers, the current climate necessitates a cautious approach. With rising mortgage rates and increased repayment costs, understanding what one can afford is more critical than ever. Buyers are advised to focus on affordability rather than trying to predict future rate movements. For landlords, the situation presents a mixed bag. While tenant demand has increased, with a net balance of +23% reporting growth, rental growth expectations have slightly decreased to +37%, down from +44% in August. This indicates that while rental demand remains strong, landlords may need to adjust their expectations for rental increases in the coming months.

    What Should Investors Watch Next in the Mortgage Market?

    Investors should keep a close eye on the evolving interest rate market and its impact on buyer sentiment and property values. The anticipated rise in mortgage rates could further dampen buyer enthusiasm, leading to potential opportunities for investors looking to acquire properties at lower prices. Additionally, the ongoing trends in rental demand and growth should inform investment strategies, particularly in areas where tenant demand remains robust.

    Frequently Asked Questions

    What factors are influencing current mortgage rates?

    Current mortgage rates are primarily influenced by expectations surrounding the Bank of England base rate, inflation trends, and overall economic conditions. Rising interest rates have led to increased mortgage repayment costs for borrowers.

    How can buyers navigate the current housing market?

    Buyers should focus on understanding their budget and what they can afford amidst rising mortgage rates. Consulting with mortgage brokers and using tools like a mortgage repayment calculator can help clarify financial options.

  • Mortgage Rate Increases Impact Property Sales in 2026

    Mortgage Rate Increases Impact Property Sales in 2026

    The latest report from Zoopla reveals a significant downturn in property sales, with a decline compared to last year. This decrease is attributed to rising mortgage rates, which are now averaging over 5%, the highest in three years. As a result, homebuyers are facing increased monthly repayments, making the housing market more challenging.

    TL;DR: Property sales have dropped year-on-year due to rising mortgage rates; homebuyers are facing additional monthly repayments.

    Why Are Property Sales Declining?

    The primary driver behind the decline in property sales is the increase in mortgage rates, which have risen significantly since the start of the year. This rise translates to an increase in repayments for the average homebuyer, leading many to reconsider their purchasing decisions. As a result, the number of properties sold has fallen, with sales agreed over the past few weeks down compared to the previous year.

    What’s Happening with House Prices?

    House price growth has also slowed significantly, marking the lowest increase in over two years. The slowdown in price growth is indicative of the current market conditions, where buyers are more cautious due to higher borrowing costs. Additionally, a quarter of homes listed in September were relisted properties, with many returning at lower asking prices, further reflecting the cooling market.

    How Are Mortgage Rates Affecting Buyers?

    For homebuyers, the increased cost of borrowing means that affordability is becoming a significant issue. Many potential buyers may delay their purchase or seek lower-priced properties. Investors may find opportunities in the market as some sellers lower their asking prices, but they must also be wary of the higher costs associated with financing. Overall, the current climate suggests a more cautious approach to property transactions is necessary.

    Frequently Asked Questions

    How can I calculate my new mortgage repayments?

    You can use a mortgage repayment calculator to determine how much your monthly payments will be based on current rates.

    What should I do if I’m considering buying a property now?

    It’s advisable to assess your financial situation carefully, consider the impact of higher mortgage rates on your budget, and consult with a mortgage advisor to explore your options.

  • Mortgage Market Update: Bridging Demand on the Rise

    Mortgage Market Update: Bridging Demand on the Rise

    The UK mortgage market is experiencing notable changes as bridging finance gains traction among homeowners and developers. With rising gilt yields and a stable Bank of England base rate, the market is shifting, prompting a potential increase in demand for bridging loans as buyers seek to navigate a challenging market.

    TL;DR: Gilt yields have reached decades-high levels, and the Bank of England base rate remains at 3.75%; this environment is likely to boost demand for bridging loans among homeowners and developers.

    What Are the Current Trends in the Mortgage Market?

    The mortgage market is currently influenced by several key factors. The 10- and 30-year gilt yields have surged to their highest levels in decades, reflecting increased borrowing costs. Meanwhile, the Bank of England’s base rate has remained unchanged at 3.75% throughout 2026. This combination of rising yields and stable rates suggests a tightening environment for borrowers, which could lead to more individuals seeking alternative financing options.

    How Are House Prices Performing?

    According to Rightmove’s August data, newly listed house prices have decreased by approximately 2% month-on-month and 1% year-on-year. This decline, coupled with weak transaction volumes, indicates a cooling housing market. Many homeowners and developers may find themselves unable to complete transactions within their desired timelines, prompting them to consider bridging finance as a viable solution.

    What Does This Mean for Homeowners and Developers?

    For homeowners and developers, the current market conditions may necessitate a shift towards bridging loans. These loans can provide quick access to funds, allowing borrowers to secure properties or complete transactions when traditional mortgage options may be less accessible. With the sentiment suggesting that the housing market has reached a plateau, bridging finance could become increasingly popular as individuals seek to navigate the complexities of the current environment.

    What Should Investors Watch Next?

    Investors should keep an eye on the evolving market of the mortgage market, particularly as geopolitical tensions continue to influence lender rates. The gradual upward trend in rates may affect borrowing costs, making it essential for potential borrowers to stay informed about current mortgage rates and explore options like current mortgage rates and mortgage rate comparisons. Additionally, with the new prime minister Andy Burnham ruling out stamp duty reform in the upcoming Autumn Budget, the market may see a shift in buyer sentiment, impacting overall demand.

    Frequently asked questions

    What is bridging finance?

    Bridging finance is a short-term loan used to bridge the gap between the purchase of a new property and the sale of an existing one. It is typically used when quick access to funds is needed.

    How does the current mortgage market affect borrowers?

    The current mortgage market, characterized by rising gilt yields and a stable base rate, may lead to increased borrowing costs. This environment could push borrowers to consider alternative financing options, such as bridging loans, to meet their needs.

  • House Prices Rise Slightly in August Amid Market Uncertainty

    House Prices Rise Slightly in August Amid Market Uncertainty

    House prices in the UK experienced a modest increase of 0.2% in August, according to the latest data from Nationwide. This slight uptick occurs within a property market that remains described as ‘subdued’, reflecting ongoing economic uncertainties and geopolitical tensions.

    TL;DR: House prices rose by 0.2% in August, with the average UK home now valued at £275,465; buyers should prepare for potential interest rate changes ahead of the Bank of England’s meeting on 17 September.

    What is the Current State of House Prices?

    As of August, the typical house price in the UK stands at £275,465. This figure represents a year-on-year increase of 1.6%, a slight rise from 1.4% recorded in July. The ongoing geopolitical tensions, particularly the conflict in the Middle East, have contributed to fluctuations in energy prices and market interest rates, which in turn affect housing prices.

    How Are Interest Rates Affecting the Housing Market?

    Market analysts are closely monitoring the potential for another interest rate rise, with the Bank of England scheduled to meet on 17 September. Current forecasts indicate that there may be one more rate increase this year. This uncertainty is likely influencing buyer behaviour, as many prospective homeowners are awaiting the outcome of the Bank’s decision before making their purchasing choices.

    What This Means for Buyers and Borrowers

    For those considering entering the property market, the recent increase in house prices combined with the potential for rising interest rates means that timing is critical. Buyers may find themselves facing higher borrowing costs if rates continue to climb. It’s essential for borrowers to assess their financial situations and consider locking in mortgage rates sooner rather than later. For landlords and property investors, maintaining a close watch on market dynamics and interest rate trends will be vital for making informed investment decisions.

    What Should Investors and Landlords Watch Next?

    Investors and landlords should keep an eye on the upcoming Bank of England meeting and subsequent announcements regarding interest rates. Additionally, the impact of fiscal measures announced in the upcoming Budget could also influence market conditions. Understanding these factors will be important for making strategic decisions in the property market.

    Frequently Asked Questions

    What factors are currently influencing house prices?

    House prices are being influenced by geopolitical tensions, particularly in the Middle East, which are affecting energy prices and market interest rates. Additionally, the anticipation of potential interest rate rises is also impacting buyer sentiment.

    How can I prepare for potential interest rate changes?

    To prepare for potential interest rate changes, borrowers should consider assessing their financial situations, exploring fixed-rate mortgage options, and staying informed about market trends to make timely decisions.

  • House Price Growth and Mortgage Trends Beyond Cities

    House Price Growth and Mortgage Trends Beyond Cities

    Recent analysis reveals a significant shift in house price growth from major UK cities to their surrounding commuter areas. This trend is particularly noteworthy as it reflects changing dynamics in the property market, influenced by rising mortgage rates and shifting buyer preferences.

    TL;DR: House prices in major UK cities have fallen by an average of 3.7%, while surrounding commuter areas have seen a 0.9% increase; this trend affects buyers and investors as they reconsider property locations.

    How Have House Prices Changed in Major Cities?

    House prices in the capital have experienced a notable decline, with values dropping by 3.7% over the past year. This downturn contrasts sharply with the performance of the surrounding commuter belt, where property values have risen by an average of 0.9%. The difference of 4.6 percentage points highlights a significant shift in buyer sentiment and market dynamics.

    What About Other Major Cities?

    In cities like Nottingham, prices fell by 0.7% within the city limits, while the surrounding areas enjoyed a 2.4% increase. Glasgow’s commuter regions saw a growth of 5%, compared to just 2.5% in the city itself. Similarly, Manchester’s surrounding areas recorded a 2.7% rise, while the city saw a mere 0.5% increase. These figures suggest that buyers are increasingly looking beyond city centres for more affordable options.

    What Does This Mean for Mortgage Borrowers and Investors?

    The shift in house price growth has important implications for mortgage borrowers and investors. With higher mortgage rates putting pressure on affordability, many potential homeowners are reconsidering their choices. Stretching budgets to remain in city centres, once feasible during periods of low mortgage rates, has become less viable. Buyers are now more inclined to explore properties in commuter areas, which may offer better value for money.

    How Are Commuter Areas Performing?

    Commuter areas are proving to be a more attractive option for many buyers. For instance, Bristol experienced a 2.2% increase in city prices, while surrounding areas saw a 3.2% rise. Liverpool’s city prices grew by 4.8%, with an even higher 5.1% increase in its commuter belt. Leeds showed the smallest difference, with a 3.7% rise in the city and a 3.8% increase in surrounding areas. This trend indicates a growing preference for more spacious and affordable living options outside the city.

    Frequently asked questions

    Why are house prices falling in major cities?

    House prices in major cities are falling due to higher mortgage rates affecting buyer affordability, prompting many to seek properties in more affordable commuter areas.

    What should buyers consider in the current mortgage market?

    Buyers should consider exploring commuter areas for better value, as rising costs in city centres may limit their options. Evaluating budget and location preferences is essential in the current mortgage market.

  • House Price Growth and Mortgage Trends in Commuter Areas

    House Price Growth and Mortgage Trends in Commuter Areas

    Recent analysis reveals a significant shift in house price growth from major UK cities to their surrounding commuter areas, highlighting changing buyer preferences and affordability challenges. As mortgage rates increase, many buyers are reconsidering their options, leading to a notable divergence in property values.

    TL;DR: House prices in major UK cities have declined by an average of 3.7% over the past year; meanwhile, surrounding commuter areas have seen an average increase of 0.9%, affecting buyers’ affordability and investment strategies.

    Why Are City Prices Falling?

    House prices in the capital have experienced a decline of 3.7% in the past year, reflecting the pressures of rising mortgage rates on buyer affordability. With the cost of borrowing significantly higher than in previous years, many potential homeowners are finding it increasingly difficult to stretch their budgets to remain within city limits. This trend is not isolated to London; cities like Nottingham and Glasgow are also witnessing price drops, with Nottingham’s city prices falling by 0.7% and Glasgow’s by 0.3%.

    How Are Commuter Areas Performing?

    In stark contrast to the declines observed in city centres, commuter areas are thriving. On average, these regions have seen a 0.9% increase in property values. For instance, Nottingham’s surrounding areas recorded a growth of 2.4%, while Glasgow’s commuter belt saw a rise of 5%. This trend suggests that buyers are increasingly looking for more affordable options outside of city centres, where they can still benefit from proximity to urban amenities.

    What Does This Mean for Buyers and Investors?

    The shift in house price dynamics has significant implications for buyers and property investors. With city prices stagnating or declining, those seeking to purchase homes may find better value in commuter areas. For investors, this could signal a strategic opportunity to focus on properties in these regions, where demand is likely to remain strong as more individuals seek affordable housing options. For example, Manchester’s surrounding areas experienced a price increase of 2.7%, compared to just 0.5% within the city, indicating a potential shift in investment focus.

    What Should Borrowers Watch Next in the Mortgage Market?

    Borrowers should closely monitor the evolving mortgage market, as higher rates continue to influence affordability. As the borrowing environment stabilises, potential homeowners might find new opportunities in commuter areas, where property values are rising. It’s essential for buyers to assess their financial readiness and explore options such as residential mortgages that fit their budget and long-term goals.

    Frequently asked questions

    What factors are driving the shift in house prices?

    The primary factor driving the shift is the increase in mortgage rates, which has made city living less affordable for many buyers. As a result, more individuals are opting for homes in surrounding commuter areas where prices are more manageable.

    How can I find the best mortgage options in this changing market?

    To find the best mortgage options, consider using a mortgage calculator to assess your affordability and explore various lenders to identify competitive rates that suit your financial situation.

  • House Price Growth Shifts: Impact on Mortgages and Buyers

    House Price Growth Shifts: Impact on Mortgages and Buyers

    The dynamics of the UK housing market are shifting, with house price growth increasingly occurring in commuter areas rather than major cities. This trend is significant for borrowers and investors as it reflects changing buyer preferences and affordability challenges influenced by rising mortgage rates.

    TL;DR: House prices in major UK cities have fallen by an average of 3.7%, while surrounding commuter areas have seen a 0.9% increase; this shift impacts buyers’ affordability and investment strategies.

    Why Are House Prices Falling in Major Cities?

    Recent data shows that house prices in the capital have decreased by 3.7% over the past year, indicating a notable shift in the property market. This decline is attributed to higher mortgage rates, which have significantly affected buyer affordability. As a result, many potential homeowners are reconsidering their options, often opting for properties in more affordable commuter areas instead of the city centres.

    How Do Commuter Areas Compare?

    In contrast to the declining prices in cities, commuter areas have experienced an average price growth of 0.9%. This represents a 4.6 percentage point gap between city and commuter area growth. For instance, while house prices in Nottingham fell by 0.7% within the city, they rose by 2.4% in its surrounding areas. Similarly, Glasgow’s commuter regions saw a 5% increase compared to just 2.5% in the city itself. This pattern is echoed in Manchester, where surrounding areas recorded a 2.7% rise against a mere 0.5% increase in the city.

    What Does This Mean for Buyers and Mortgage Seekers?

    The shift towards commuter areas can have significant implications for buyers and investors. For many, the prospect of purchasing a home within city limits has become less financially viable due to increased costs associated with higher mortgage rates. As a result, buyers are increasingly looking to commuter towns, where they can find more affordable options without sacrificing quality of life. Investors may also want to consider this trend, as properties in these areas could offer better returns as demand continues to rise.

    What Should Buyers Watch Next?

    As the market evolves, buyers should keep an eye on the ongoing changes in mortgage rates and their impact on property prices. Understanding the balance between city and commuter area prices will be important for making informed decisions. Additionally, prospective buyers should utilise tools such as a mortgage calculator to assess their affordability in light of current market conditions. The trend suggests that while city living may be losing its appeal due to financial constraints, the suburbs and commuter towns may become the new hotspots for homebuyers.

    Frequently asked questions

    What factors are driving the shift to commuter areas?

    The shift is primarily driven by rising mortgage rates, which have made city living less affordable for many buyers, prompting them to seek properties in more affordable commuter regions.

    How can I assess my mortgage options in this changing market?

    Utilising a residential mortgage calculator can help you understand your affordability and explore various mortgage options that fit your budget in the current market.

  • Shifts in House Prices Impacting Mortgage Choices

    Shifts in House Prices Impacting Mortgage Choices

    Recent analysis reveals a significant shift in house price growth from major cities to their surrounding commuter areas, impacting buyers and investors alike. As mortgage rates remain elevated, affordability pressures are reshaping where people choose to live, with many looking beyond urban centres for better value.

    TL;DR: House prices in London fell by 3.7% over the past year, while surrounding commuter areas saw an average increase of 0.9%; this trend affects buyers seeking more affordable options.

    Why Are House Prices Falling in Major Cities?

    According to Yopa’s recent study, house prices in the capital have declined by 3.7% over the past year. This downturn is attributed to higher mortgage rates, which have made it more challenging for buyers to afford properties within city limits. As a result, many are opting for homes in nearby commuter areas where prices have remained more stable or even increased.

    How Do Commuter Areas Compare?

    In contrast to London, the average house price growth in surrounding commuter areas has increased by 0.9%. This represents a notable 4.6 percentage point gap between the capital and its outskirts. For instance, while city prices rose by 2.9%, commuter areas recorded an average growth of 6.7%. This trend is seen across various cities, including Nottingham, Glasgow, and Manchester, where surrounding areas consistently outperformed city prices.

    What This Means for Mortgage Borrowers and Investors

    For buyers, the shift in price dynamics means that seeking properties outside city centres may offer more value. For example, in Nottingham, city prices fell by 0.7%, while the surrounding areas saw a 2.4% increase. Similarly, in Glasgow, commuter areas recorded a 5% growth compared to just 2.5% in the city. This trend could lead to a re-evaluation of investment strategies, with landlords and investors potentially focusing on properties in these more affordable regions.

    What Should Brokers and Landlords Watch Next?

    Brokers and landlords should monitor the ongoing trends in commuter area property values, as these may present new opportunities for investment. With higher mortgage rates influencing buyer behaviour, understanding the shifting demand could help in advising clients effectively. As affordability remains a key concern, properties in commuter areas may become increasingly attractive, leading to sustained growth in these markets.

    Frequently Asked Questions

    What factors are driving the decline in city house prices?

    The decline in city house prices is primarily driven by higher mortgage rates, which have increased monthly costs for buyers, making urban living less affordable.

    How can buyers benefit from the shift to commuter areas?

    Buyers can benefit from the shift by exploring properties in commuter areas, where prices are rising, offering more value compared to declining city prices.

  • House Price Growth Slows: Insights into the Mortgage Market

    House Price Growth Slows: Insights into the Mortgage Market

    House price growth has experienced a slowdown in July, reflecting a market adjusting to regulatory changes and economic shifts. This trend is significant for potential buyers and investors as it indicates a changing market in the mortgage market.

    TL;DR: House prices rose by just 0.9% in July, with buyer power declining 9% since January; this affects first-time buyers who may struggle with higher deposit requirements.

    How Are House Prices Changing Across the UK?

    The North West region has shown notable resilience, with house prices increasing by 3.1% to an average of £210,100. Northern Ireland leads with a 5.4% rise, while Scotland and the North East also reported growths of 2.8% and 2.5%, respectively. In contrast, the South and East of England are facing declines, with London seeing a drop of 1% to an average price of £525,400. Liverpool recorded a 4.2% increase, bringing average property values to £171,700, and Newcastle saw a 3% growth to £165,200.

    What Does Weaker Buyer Power Mean for the Mortgage Market?

    Buyer power has weakened significantly, dropping 9% in July compared to January. This decline correlates with rising mortgage rates, which have climbed from below 4% to nearly 5%. Zoopla reports that to maintain the same monthly mortgage repayments, buyers would need to increase their deposit by an average of £18,200. In London, this figure is even higher at £35,500, while in the North East, it stands at £10,200. This situation creates additional challenges, particularly for first-time buyers who are already navigating a competitive market.

    What This Means for First-Time Buyers

    First-time buyers are particularly affected by the current market dynamics. With average mortgage rates stabilising closer to 5%, affordability remains a pressing issue. The requirement for a larger deposit to maintain monthly repayments can deter potential buyers from entering the market. As sales have decreased by 6% year-on-year, first-time buyers may find themselves needing to adjust their expectations, possibly opting for lower-priced properties or saving for a larger deposit. For the latest information on rates, check out our current mortgage rates.

    What Should Investors and Landlords Watch Next in the Mortgage Market?

    Investors and landlords should monitor the ongoing changes in the mortgage market closely. With housing stock up 5% from last year, there may be more opportunities for investment, but the overall decline in buyer activity suggests a cautious approach may be necessary. The market’s adjustment to regulatory changes and economic conditions will likely continue influencing property values and buyer behaviour.

    Frequently Asked Questions

    How have mortgage rates impacted buyer behaviour?

    Higher mortgage rates have reduced buyer power, leading to a shift towards lower-priced homes or larger deposits to maintain affordability.

    What regions are currently experiencing house price growth?

    The North West, Northern Ireland, Scotland, and the North East are seeing house price growth, while the South and East of England, particularly London, are experiencing declines.