UK HOUSE PRICES DEFY GLOOM WITH AN AVERAGE £3,000 RISE – THE GUARDIAN
Latest Rightmove survey concludes market on ‘much more stable footing’ than many had thought.
Average house prices have risen by nearly £3,000 this month as the property market continues to resist predictions that the UK’s lacklustre economic performance will cause a significant slump during 2023.
Despite low growth and historically high mortgage rates, which have prompted forecasts of a 10% fall in prices this year, the average home is on the market at £365,357 in March, a rise of 0.8% on the previous month.
The increase is below the typical March rise of 1% over the past 20 years but still reflects a market “on a much more stable footing than many anticipated”, according to property website Rightmove, which published the data.
Rightmove said the market was recovering from a spike in borrowing costs at the end of last year, when policies put forward by Liz Truss and her chancellor Kwasi Kwarteng spooked international investors and sent mortgage costs soaring.
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