In an astonishing twist of events, the UK housing market has defied all expectations by experiencing an unforeseen surge in house prices during June 2023 writes Ruddington’s Benwell Daykin Estate Agents.
This unexpected upward trajectory has left homeowners, potential buyers, and industry experts astounded. According to Nationwide, the surprise monthly rise of 0.1% reversed a 0.1% fall in May and confounded economist forecasts of a 0.3% fall. It pushed the average cost of a house in the UK up slightly to £262,239.
Two-year fixed-rate mortgage rates have continued to climb past 6% after the Bank of England increased interest rates by half a point to 5% in June in an attempt to curb stubbornly high inflation. The average two-year fixed deal edged higher again on Friday, to 6.39% from 6.37% the day before, according to Moneyfacts. The average five-year fix rose to 5.96% from 5.94%.
Property price growth in Nottingham still continues to outperform all areas in the UK according to Hometrack. In the last 12 months, house prices rose in our area by 10.9%. This means a £150,000 property grew to £165,000 in just 1 year.
In the last 3 months alone, Nottingham property prices grew by 1.4% – with the average house price locally now standing at £198,000.
You can find Benwell Daykin at 12 High Street, call them on 0115 990 2007, or email info@benwelldaykin.co.uk.
