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Financial News: Rightmove Raises UK House Price Growth Outlook

Rightmove Raises UK House Price Growth Outlook

07/18/2022 - 07:03:00 (RTTNews)

(RTTNews) - Despite cooling property market, UK house prices are set to rise more than previously projected this year as buyer demand continues to exceed supply amid record low stock volumes, property website Rightmove said Monday.

The house price growth forecast for this year was revised up to 7.0 percent from 5.0 percent projected at the start of the year.

Although available stock is still 40 percent down on June 2019's levels, the number of new sellers coming to market is 13 percent more than this time last year.

Rightmove observed that demand to move is coming off the boil but remains high despite economic and political uncertainty.

Demand is likely to return to more normal levels in the second half of the year due to the rising cost of living and affordability concerns, however the prospect of further interest rate rises may drive some to act now to lock in a longer fixed-term mortgage rate, Tim Bannister Rightmove's Director of Property Science, said.

In July, asking prices grew 9.3 percent on a yearly basis, but slower than the 9.7 percent increase registered in June.

Month-on-month, house prices gained 0.4 percent, following June's 0.3 percent growth. The price of property coming to the market posted its sixth consecutive record of GBP 369,968.

Due to record prices and rising interest rates, monthly mortgage payments of new first-time buyers are 20 percent more than the start of the year.

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