PODCAST: https://anchor.fm/fife-properties/episodes/ZOOPLA-UK-House-Price-Index-Aug-2022-e1oiat3
Executive summary
The Housing market is transitioning to a buyers’ market as higher mortgage rates are set to cut buying power by up to 28%
The jump in house prices over the pandemic is compounding the affordability challenge, especially in southern England
Some regions have seen 10 years of house price growth compressed into two years
New sales are holding up with no sudden drop in demand in recent weeks but buyer interest is weaker than a year ago
Asking price reductions are at the highest levels since before the pandemic as sellers adjust to more price sensitive demand
Stamp duty changes will support regional markets and first buyers in southern England at a low cost to the exchequer.
