Average house prices in the UK hit a record £254,822 in December, according to lender Nationwide.
But Nationwide predicted the market would slow next year because the stamp duty holiday, which ended in September, saw buyers bring purchases forward."The Omicron variant could reinforce the slowdown if it leads to a weaker labour market," Nationwide's chief economist Robert Gardner said.He said that even if the economy remains strong, higher interest rates were likely have a "cooling influence" on the housing market.
Further increases in the cost of borrowing would mean fewer people are able to gain a foothold on the property ladder.
With inflation set to be 6% for the next three years, meaning prices will be 19ish% higher in three years for everything, I hate to think what this will do to house prices which are already overinflated.
Can someone tell me what is causing this insane rise?
But house prices were going to plummet by 18% after Brexit. George Osborne said so.
What do you expect with all the foreign money coming in and inflating the prices?
Guy in the photo is a first time buyer.
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