This is the first increase over the past 7 months, which were difficult for the country’s real estate market due to inflation and rising loan prices. The upward trend in rates remains the determining factor in assessments of market prospects. The Bank of England is expected to raise its key rate to 6%. A number of experts believe that then we should expect a price drop of 8% relative to peak values. Positive news for homeowners could be lower energy bills in the second half of 2023.
Meanwhile, there is an increase in rental rates in the private sector. Since May last year they have grown by 5%, which is a record high since January 2016.