"Turning to the outlook, contributors envisage prices rising further both in the near term and over the year ahead. On a twelve month basis, a net balance of +62% of respondents foresee prices continuing to increase, broadly in-line with last month’s figure of +65% for this series, but a little more moderate than the +78% reading posted back in February."

House prices have been supported by low borrowing costs, so rising mortgage rates, combined with other increases in living expenses, could tip the balance.

At the current rate of growth, it raises the prospect of a typical home hitting £300,000 by the end of this year. However, as outlined above, such a prospect remains unlikely given the forecast economic conditions.

We expect inflation to fall back next year and be close to our target in around two years. We may need to increase interest rates further in the coming months. But that all depends on what happens in the economy. In particular, we will be watching closely what is likely to happen to the rate of inflation in the next year or two.

An overview of the political and regulatory failures that have created Britain's housing crisis.

This fastest-ever speed of sale means that 53% of properties that sell are now selling at or over their final advertised asking price, the highest percentage we have ever measured.

Posted by Admin @ 07:04 PM 6 Comments

"Many of those buyers who hesitated and didn’t make a purchase last year are finding it difficult to afford what they were considering buying previously, such are the price differentials and gains in value over the last 12 months. What’s more, despite double-digit growth in many parts of the country, asking prices continue to rise; our data showed a £12,517 jump in average asking prices between February and March 2022 alone."