Britain’s property market has shattered another record with rental costs growing at the fastest pace in at least a decade, while home sellers pushed up asking prices for the first time in four months, two separate reports showed.
The figures underscored inflationary pressures in the UK economy that are alarming the Bank of England and adding to pressure for another hike in interest rates later this week. They’re also an indication of turmoil in the property market that’s having a heavy impact on consumers.
But this was well below the increase usually seen at this time of year — over the last decade, prices have risen by an average of 0.6% in September. Rightmove’s figures are the first major piece of data about the housing market this month. The mortgage lenders Nationwide and Halifax reported that prices are falling at their sharpest pace since 2009, and the Royal Institution of Chartered Surveyors said estate agents remain gloomy about the outlook for the property market.
He attributed this to both prospective buyers and sellers catching up on holidays lost during the pandemic, and the “current economic backdrop.” Rents are rising fastest in London as they catch up from a slump during the coronavirus pandemic. Residents in the outer regions of the capital now face a 30% higher bill than in January 2020, before the first lockdowns encouraged some residents to escape the city.September is an important month for property sellers, with buyers returning from holiday and making decisions about moving.
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