HomeReal EstateLondon Home Prices Fall as Rates Discourage Buyers

London Home Prices Fall as Rates Discourage Buyers

Prices of homes in London fell more than any other region of the United Kingdom in June, a survey conducted by property portal Rightmove found.

Asking prices in London declined by 1.6% compared to the previous month. In contrast, prices on a national scale remained relatively unchanged, standing 1.1% higher than the previous year.

The decline in prices has been largely driven by a fall in buyer interest, particularly as interest rates continue to rise. Mortgage rates have continued to rise off the back of speculation that the Bank of England will continue to raise interest rates in an effort to cool inflation.

Standing at 6.01%, the two-year fixed-rate home loan is at its highest level since December. The average five-year fixed-rate home loan is at 5.67%, having crossed 5.5% last week for the first time since January.

Across the board, mortgage rates are edging closer to the 14-year highs reached at the end of 2022, while threatening to cross 6% for the first time since 2001.

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