| Dear *|FNAME|*
UK Property Market
In the UK, individuals selling properties have significantly reduced their asking prices, marking the most substantial decrease since December. This further reinforces the notion that surging interest rates are placing a burden on potential buyers’ ability to afford property purchases. Rightmove, the property portal, released data indicating that its index tracking the cost of homes entering the market experienced a 1.9% decrease, bringing the average to £364,895 ($465,620) for this month. This decline represents the most significant August drop since 2018 and the most pronounced decrease since the conclusion of the previous year, a period during which sellers were aiming to finalize transactions. We do believe that there is likely to be another 2 interest rate hikes before the year is out, with rates stabilising at 6%.
In a separate development, households in the UK are displaying a renewed interest in fixed-price energy agreements due to the instability observed in European energy markets. |
