Property Investors News Updates - June 2023

House prices in first annual fall for 11 years, saysthe Halifax.

The price of the average home in May this year was 1% lower than in May 2022, according to Halifax figures.

The first annual fall in over a decade is a sign that the impact of soaring interest rates and the cost-of-living crisis has brought a halt to the UK’s long housing boom, according to the lender.

https://www.bbc.co.uk/news/business-65825576

Active renter numbers down by over 100k as fewer leaving home

The number of tenants leaving their family homes has seen a decline due to the increase in unaffordable rents and the ongoing cost of living crisis, according to research by Hamptons.

https://www.propertyreporter.co.uk/active-renter-numbers-down-by-over-100k-as-fewer-leaving-home.html

Rising rates to hit housing demand, builder says.

Housebuilder Crest Nicholson have reported shrinking sales and profits amid rising borrowing costs and falling consumer confidence,following the September mini budget.

The housebuilder is calling on the government to provide further support to potential homeowners.

https://www.bbc.co.uk/news/articles/ce76yw29gdwo

What the Energy Price Cap reduction means for energy bills

Will a reduction in the Energy Price Cap from July to September make a big difference to household bills? Rightmove have taken a closer look.

https://www.rightmove.co.uk/news/articles/property-news/energy-price-cap-reduced-july-2023/