UK house prices will fall by 5 percent this year as buyers have been hit by higher mortgage rates and rising living costs, a real estate portal has reported.
Zoopla’s House Price Index showed a 1.2 percent annual rise in UK house prices in the last year, adding, however, that just a year ago, the growth was at 10 percent year-on-year.
While the spring sales showed strong activity, the portal cited higher mortgage rates and rising living costs as factors in driving prices down in the future.
The stubborn inflation rate, currently at 8.7 percent, is one of the key issues the current government faces. Under Prime Minister Rishi Sunak’s leadership, the government has been vocal about halving the inflation rate and providing financial support to struggling British families….