, with HM Revenue and Customs data showing that 96,650 homes were sold in January, the lowest level since 2015 and 11 per cent fewer homes than the same month last year.
High street banks have been preparing for a significant drop in house prices, with Lloyds the latest to warn its own investors of a potential “mortgage shock” later this year. It has predicted a 7 per cent drop in average asking prices this year; Nationwide think it will be a 5 per cent drop, while Santander is the most pessimistic with a 10 per cent loss projected.
“Persimmon’s feeling the pressures of a tough housing market, and the group’s valuation has tumbled around 40 per cent in the last 12 months as a result,” said Aarin Chiekrie, an equity analyst at Hargreaves Lansdown. “And as the mortgage rate environment remains challenging for home buyers, we don’t expect to hear things picking up in this area.”
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