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Is the UK housing market headed for a crash? – Podcast | News

Since Margaret Thatcher’s Right to Buy revolution in the 1980s, the UK housing market has captured the attention of millions. For many people, buying a home is like winning the lottery, with property values ​​rising year after year and often well above average wages. It spawned an industry of lifestyle programs that inspire people to move up the real estate ladder and remodel their homes.

But lately, things have started to go wrong. Prices fell 0.9% month-on-month in October, the first decline in 15 months, according to mortgage lender Nationwide. One reason for this is that a series of interest rate hikes and a surge in monthly payments have pushed up borrowing costs, resulting in a slowdown in demand for real estate.

Deputy Money Editor at The Guardian, Rupert Jones, To tell Noseen Iqbal Mortgage costs are becoming increasingly out of reach for many households. And the rise will be felt especially hard by those looking to re-mortgage after their fixed-rate contracts expire. But even if home prices fell by 20%, he would only be back to pre-pandemic levels, so he said he would have to be careful how he framed the market “crash.”

Photo: Yui Moku/PA

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https://www.theguardian.com/news/audio/2022/nov/15/uk-housing-market-prices-property-podcast Is the UK housing market headed for a crash? – Podcast | News

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