Housing market in England and Wales weakening due to Iran war, say estate agents
Summary
The housing market in England and Wales is slowing down due to concerns about higher mortgage rates and inflation linked to the war in the Middle East. Estate agents report fewer buyers and sellers, slower sales, and falling house prices, especially in southern England and London.Key Facts
- Estate agents in England and Wales see less interest from homebuyers recently.
- Concerns about rising inflation and mortgage rates are making buyers and sellers cautious.
- The Bank of England warned interest rates might rise because of higher energy prices from the Middle East conflict.
- The number of completed home sales decreased in April, and this trend is expected to continue.
- House prices are falling overall, with sharper drops in London, the south-east, East Anglia, and the south-west.
- Northern England regions are seeing small increases in house prices.
- The rental market has more demand than supply, as some landlords are leaving due to tougher regulations and higher taxes.
- Estate agents expect rents to increase in the near future.
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