UK House Prices Continue To Rise Despite Global Economic Slowdown

UK House Prices Continue To Rise Despite Global Economic Slowdown

House prices hit a new high in June, according to Halifax, despite expectations the rising cost of living in the UK would slow demand.

The UK’s biggest mortgage lender said the average house price reached £294,845 in June after rising by 1.8% - the steepest monthly increase since 2007.

Halifax sighted a “lack of available homes” for sale was lifting prices as well as a shift towards people buying larger, detached homes, which rose by over 13% in the last year.

But it expects price growth will slow, as interest rates rise and soaring prices hits people’s pocket harder this year.

Petrol remains high and average household energy bills are set to exceed £3000 this year – a rise of nearly 300%!

Northern Ireland saw the largest rise in house prices, with an increase of 15.2% in the year to June to take the average to £187,833. Wales also recorded sharp growth of 14.3% to £219,281.

The average house price in Scotland also hit a new record, rising 9.9% over the year to £201,549, "breaking through £200,000 for the first time in history" said Halifax.

Interest rates will rise again says Bank of England Chief Economist, as inflation is expected to reach 11% this year.

The Bank of England has warned of more interest rate rises as it vows to bring inflation back down to 2% - roughly 5 times lower than present level.

The central bank's focus was getting prices down and making life more affordable again, its chief economist Huw Pill said in a speech on Wednesday.

The weaker pound is making imports more expensive.

Boris Johnson ousted as leader by his own party, but does it matter to you?

After Chancellor Rishi Sunak walked out of his job this week, his replacement Nadhim Zahawi has said he and Prime Minister Boris Johnson want to "rebuild the economy" and get soaring inflation under control.

We could see a new approach, as Mr Zahawi said "nothing is off the table" in terms of cutting taxes and boosting economic growth.

There is a raft of legislation going through parliament including plans to ‘level up’ and improve property and tenant rights.

I will discuss this in more detail on this in my UK Property Talk show 10am Saturday morning.

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Pensions Scandal – hundreds of thousands of women underpaid by DWP

More people - mostly women - have been underpaid their state pension than previously thought, latest government figures show.

A new estimate suggests 237,000 state pensioners were paid less than their entitlement, with a total of nearly £1.5bn underpaid.

That is 105,000 more people affected than the Department for Work and Pensions (DWP) calculated a year ago.

They include widows and divorcees who could have been underpaid for years.

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