Rolling coverage of the latest economic and financial news
- Nationwide: Annual house price growth slowed to 11.2%
- But prices still up in May
- IoD: Directors economic confidence hit amid inflation and Brexit
- Food inflation drives highest UK shop prices rise in more than a decade
Alex Lyle, director of Richmond estate agency Antony Roberts, has also seen signs that the housing market is cooling:
‘It is getting more difficult to call the market – on the ground, it feels as though activity has slowed a little over the past few weeks, due most likely to a lack of stock, combined with various bank holidays and half term rather than rising interest rates and inflation.
‘The imbalance between supply and demand continues to fuel house price growth. Such little stock is coming onto the market, while buyer enthusiasm for a competitive-bidding bun fight appears to be waning. Some down-valuations are also beginning to creep in, which we haven’t seen for quite a while.’
“Annual price gains are finally beginning to decelerate as challenges in the broader economy start to filter through to the housing market.
Many households are struggling amid the deepening cost of living crisis and it was only a matter of time before we saw a knock-on effect in price growth.