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. This unexpected upward trajectory has left homeowners, potential buyers, and industry experts astounded.
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. This is according to Nationwide.
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%.
Nottingham growth tops UK
Nottingham property price growth still continues to outperform all areas in the UK according to Hometrack.
In the last 12 months, property prices rose in the 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%.
The average Nottingham house price now stands at £198,000.
It’s always a good time to sell
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