House prices in UK rose by 0.2% in June 2024
Real Estate

House prices in UK rose by 0.2% in June 2024

Although there was a little increase in British home prices in June compared to May, mortgage company Nationwide stated that the housing market is still being negatively impacted by rising borrowing rates. It reported that prices increased by 0.2% on a monthly basis and were 1.5% higher than in June of the previous year. The coronavirus outbreak caused a boom in the British property market, but after the Bank of England raised interest rates to their highest point since 2008 last year, the market has slowed. Nationwide's price index shows that prices have dropped by around 3% from their peak, which was reached two years ago. Robert Gardner, chief economist at Nationwide, stated that earnings growth had been much stronger than house price growth in recent years, but he noted that this had not been sufficient to counterbalance the impact of higher mortgage rates. Britain's opposition Labour Party, which was far ahead in opinion polls in the run-up to Thursday's election, had promised to relax planning rules in the hope of spurring construction, which could potentially make housing more affordable. According to Nationwide, prices in London had risen by 1.6% in the April-to-June period compared with the second quarter of 2023. A Reuters poll of housing market analysts published on May 29 indicated that property prices in Britain were expected to rise by 1.8% in 2024 as higher wages were expected to make homes more affordable.

Although there was a little increase in British home prices in June compared to May, mortgage company Nationwide stated that the housing market is still being negatively impacted by rising borrowing rates. It reported that prices increased by 0.2% on a monthly basis and were 1.5% higher than in June of the previous year. The coronavirus outbreak caused a boom in the British property market, but after the Bank of England raised interest rates to their highest point since 2008 last year, the market has slowed. Nationwide's price index shows that prices have dropped by around 3% from their peak, which was reached two years ago. Robert Gardner, chief economist at Nationwide, stated that earnings growth had been much stronger than house price growth in recent years, but he noted that this had not been sufficient to counterbalance the impact of higher mortgage rates. Britain's opposition Labour Party, which was far ahead in opinion polls in the run-up to Thursday's election, had promised to relax planning rules in the hope of spurring construction, which could potentially make housing more affordable. According to Nationwide, prices in London had risen by 1.6% in the April-to-June period compared with the second quarter of 2023. A Reuters poll of housing market analysts published on May 29 indicated that property prices in Britain were expected to rise by 1.8% in 2024 as higher wages were expected to make homes more affordable.

Next Story
Infrastructure Transport

Odisha to Get Kharagpur-Visakhapatnam Expressway Soon: Minister

A new greenfield highway connecting Kharagpur in West Bengal and Visakhapatnam in Andhra Pradesh, passing through Odisha, is set to be constructed soon. This expressway is poised to become a vital logistics corridor, enhancing high-speed transportation in the region. Works Minister Prithviraj Harichandan shared that preliminary preparations for the project have already commenced. He emphasised that the expressway would play a crucial role in the Gati Shakti Framework of the Central government, describing it as a groundbreaking initiative in road construction for Odisha. Greenfield roads typi..

Next Story
Infrastructure Urban

LTTS wins project to develop smart cities in Colorado USA

Mid-sized Indian IT services company L&T Technology Services (LTTS) announced on Monday a strategic partnership with the Colorado Smart Cities Alliance (CSCA) to develop smart city projects across Colorado by integrating innovation and technology. In a regulatory filing, LTTS stated that the collaboration would utilize its advanced engineering expertise to support CSCA's mission of enhancing urban living and creating sustainable ecosystems through smart city solutions. The partnership aims to develop sustainable, efficient, and technologically advanced communities by pooling resources and exp..

Next Story
Infrastructure Transport

Bengaluru Metro to Expand to 175 km by 2026, Boosting Urban Mobility

Bengaluru’s metro network is set for a major expansion, aiming to extend its total length to 175 km by 2026. This ambitious project is part of the Namma Metro initiative, designed to improve connectivity across the city, alleviate traffic congestion, and promote sustainable urban mobility. The expansion involves constructing new metro corridors, such as the Purple Line and the Outer Ring Road-Airport Line, which will link major city hubs, commercial centres, and residential areas. This development is expected to enhance accessibility for commuters throughout Bengaluru. A key highlight of t..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000