21 August 2023

We take a look at recent data suggesting that the cost of living is starting to hit home, and house prices continue to fall….

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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.

This data is net of fund charges but does not include potential platform costs or advisor charges which are likely to alter the overall returns set out above.

Quarterly Switching

Those that invest with us will have noticed this quarters request to amend the underlying investments you hold. Please do look out for this email and respond as soon as you can.
There are a number of changes for this quarter that we feel are particularly important given the current environment.

If there are any questions or you wish to receive further clarification on the changes we would like to make, please contact myself in the usual way.

Have a great few weeks everyone!

Louis Greening
Investment Specialist
Clear Financial Advice

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