UK house prices post sharpest annual fall for a decade
Publishing timestamp: 2023-03-01 05:19:27
Summary
U.K. house prices fell by 1.1% annually in February, their first annual decline since June 2020 and sharpest contraction since November 2012. This is due to higher mortgage rates and cost-of-living crisis deterring homebuying. Mortgage rates soared in September 2022 after former Prime Minister Liz Truss' disastrous tax-cutting "mini-budget" prompted historic sell-off in U.K. government bond market. Mortgage payments on typical home remain well above long run average as share of take-home pay for prospective first-time buyer earning average income. Analysts have forecast house price declines for year of 10% to as much as 30%. Shares of U.K. housebuilders fell across board, led by 9% plunge for Persimmon.
Sentiment: NEGATIVE
Tickers: PSN-GB,
Keywords: brexit, business news, politics, persimmon plc, housing, economy,
Source: https://www.cnbc.com/2023/03/01/uk-house-prices-post-sharpest-annual-fall-for-a-decade.html