UK House Prices Stuck in Low Gear Amid Pressure on Incomes – Bloomberg

The price of homes in the United Kingdom is changing at about half the pace that it was changing in 2016.Depending on the interest rate increases that the Bank of England decides to come up with this week, demand for British property could take an even bigger hit that it is already experiencing. Mortgage holders are ready for any unexpected rate hikes and are willing to put up with them the best they can for the meantime.

Key Takeaways:

  • The UK housing market looks to be cooling off quite a bit. Property demand could take another hit if the Bank of England moves forward.
  • The Bank of England wants to conduct an interest rate increase during the week. That could sway housing buyers one way or another once it is done.
  • That could leave UK housing prices at a low level for some time now. That comes amid pressure on various income sources in the country.

“With the market already cooling, property demand could take a further hit if the Bank of England presses ahead with a well-flagged interest-rate increase this week.”

Read more: https://www.bloomberg.com/news/articles/2017-11-01/u-k-house-prices-stuck-in-a-slow-gear-amid-pressure-on-incomes