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We exclusively use data from government, customs, or government-affiliated websites to maintain reliability and public integrity. In addition, we engage directly with industry experts to gather real-time, firsthand information. Each data point is collected, verified, and aggregated following established ethical standards, ensuring that our research processes meet the rigor recommended by ESOMAR. - Transparency and Accuracy:
All data are published promptly as they become available from the source, ensuring that our insights remain current and reflective of on-ground market dynamics. We actively seek and incorporate regular feedback from industry experts, which allows us to make real-time adjustments and continuously improve the accuracy and reliability of our data. - Ethical Data Usage and Third-Party Material:
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UK's housing market to decline due to high mortgage rates
Posted on January 17, 2023 |
Britain’s biggest housebuilder, Barratt Developments is cutting back on buying land as it braces itself for a further slump in the UK housing market.
It was also forced to dump building plans for 3,293 land plots, canceling out the 3,003 plots that proceeded with construction.
H1 2022 was affected by political and economic uncertainty impacted which was compounded by rapid and significant changes in mortgage rates, which reduced affordability, homebuyer confidence, and reservation activity through Q2.
The H1 2023 is uncertain as lenders have raised mortgage borrowing costs in response to high UK interest rates, which grew nine times in the past year.
Lenders raised mortgage rates because of the government’s disastrous mini-budget in September, as the resulting market disruption led some lenders to pull their mortgages off the shelf, while others raised the costs of borrowing in response to the uncertainty.