UK rental prices rose in August at the fastest rate on record

mateolevi2024

Rents in the United Kingdom have suffered the fastest increase in the last twelve months in the last seven years, since records have been kept, while the prices of homes for sale have fallen to their lowest numbers in a decade, according to official data published in the country.


In this way, rental prices have increased by 5.5% in August compared to a year ago, which represents the largest increase recorded since January 2016, when the  United Kingdom's National Statistics Office began to record these dates. Meanwhile, the prices of homes for sale suffered a drop of 0.6% in July compared to 1.9% in June, which is their lowest record since September 2012.

An inaccessible home
The increase in the cost of mortgage loans in the Chinese Student Phone Number List last two years has caused buying a home to become inaccessible for many, which is why the demand for the purchase and sale of properties has decreased significantly and this market has contracted. In addition, many homeowners are having problems assuming the increase in interest, which is having a direct impact on mortgages.

The continuous rate increases approved by the Bank of England, reaching the current 5.25%, have caused mortgage interests to reach 15-year highs, despite the fact that this monetary tightening is beginning to relax.

For its part, the largest increases in rental prices in August in the United Kingdom have been suffered by Wales , with 6.5%, followed by Scotland , with 6%, and England , with 5.4%. For its part, Northern Ireland has data for June, the month in which it increased its prices by 9.1%.



The country's capital is not far behind and became the region with the highest increase after recording an increase of 5.9%, which is its highest figure since January 2006, when these records began to be made.

In this regard, London is also one of the regions in which house prices fell the most in July, with a 0.8% decrease, with only the south-west of England registering a greater decrease of up to 1% .

Prices are expected to continue falling
In this way, the average house price in Great Britain was 290,000 pounds in July (333,500 euros), which still places it 59,200 pounds (68,097 euros) above the prices recorded just before the crisis. of the pandemic will explode in February 2020. However, these data imply a drop in prices of 2,000 pounds (2,300 euros) compared to November a year ago.