#uk-housing-market

#uk-housing-market

Around the turn of the 21st century, the U.K. witnessed a dramatic surge in housing prices: the costs rose from four times peoples' annual earnings in 1995, to eight times by 2010. Homeowners subsequently enjoyed a wealth windfall, and it resulted in their kids receiving more housing wealth and higher-paying jobs, according to recent research from the Institute for Fiscal Studies. Lower-income renters, on the other hand, were faced with new affordability challenges.

First-time buyers are expected to drive the UK housing market in 2026, with further interest rate cuts likely to improve stretched affordability. The for-sale market should accelerate moderately, with prices rising by 2% to 4%, while rent rises are likely to slow from the rapid increases of recent years, according to lenders and estate agents.

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The UK's housing market is showing signs of slowing down amid speculation that Rachel Reeves could announce tax increases on property in next month's budget. In a sign of growing caution among house hunters, figures from Rightmove showed that both the number of new buyers contacting estate agents about homes for sale, and the number of new sellers coming to market, slumped by 5% in September compared with the same month a year earlier.

34% of UK homes are seeing a reduction in price, the highest for this period since 2012, indicating a two-speed property market.

"Interest rates have fallen as expected, giving buyers more financial capacity, but a lot has changed in the past six months. The prospect of future tax rises, particularly in the autumn budget, is likely to weigh heavily-especially at the top end of the market."