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UK house prices rise by least since 2020 and fall in London – ONS
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LONDON (Reuters) – British house prices increased by 1.7% in the 12 months to June, the Office for National Statistics (ONS) said on Wednesday, the smallest rise since July 2020.
LONDON (Reuters) – British house prices increased by 1.7% in the 12 months to June, the Office for National Statistics (ONS) said on Wednesday, the smallest rise since July 2020.
House prices in London fell by 0.6%, the ONS said.
Britain’s housing market, which boomed during the coronavirus pandemic, has come under strain from higher mortgage rates after last year’s surge in inflation.
The ONS said its measure of private rents rose by 5.3% in the 12 months to July, the biggest increase since data collection began in 2016.
(Reporting by William Schomberg, editing by Andy Bruce and Sachin Ravikumar)
Inflation is the rate at which the general level of prices for goods and services rises, leading to a decrease in purchasing power.
Mortgage rates are the interest rates charged on a mortgage loan, which can fluctuate based on economic conditions and central bank policies.
The housing market refers to the supply and demand for residential properties, including buying, selling, and renting homes.
Private rents are the amounts charged by landlords to tenants for the use of residential properties, which can vary based on location and market conditions.
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