House price falls now widespread, say surveyors

The housing market in the United Kingdom has experienced more bad news. Prices in many regions including London have fallen again. The issues of costs due to moving, political unrest, and inflation have impacted the real estate market. The impact of this reduction in housing price may make it difficult for people to move, which will decrease mobility in the United Kingdom for a bit. In addition interest rates are rising, and this will further negatively impact housing prices.

Key Takeaways:

Scotland, Wales, north-west England and Northern Ireland have reported with a rise in rent for homes.
The market for housing transactions are challenging across the united kingdom.
Increased cost of moving, a lack of fresh stock coming to the market, uncertainly over the political climate have raised a toll in housing market.

“Around four million mortgage holders will see a rise in interest rates as a result of the Bank of England’s decision to increase rates by 0.25% to 0.5%”