In February 2023, property value in the UK decreased by 1.1% compared to February 2022, the record for the last 11 years. In this respect Wrote Bloomberg agency citing data from British bank Nationwide Building Society’s report.
Analysts at the lender attributed the decline in UK house prices to a drop in consumer demand, which was affected by high inflation and rising mortgage rates.
Housing discounts, which started to increase after the decline in real estate prices, reached 4.5 percent last month. This was the highest figure in more than five years.
The bank also said that the average cost of real estate in the country is £257.4 thousand (23.1 million rubles). Home loan payments make up about 39.4% of the royalties’ wages.
In early September, the Financial Times reported, based on data from the Savills real estate agency. Wrote almost 18% reduction in the cost of luxury housing in London due to rising construction prices and the exit of wealthy Russian buyers.
Press service of the British Office for National Statistics (ONS) in the second half of January reportedIn December 2022, consumer inflation in the UK was 10.5%.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.