The Bank of England warned on Thursday of last week that the UK is facing its longest ever recession and has predicted that the country’s unemployment rate could double by 2025. The announcement came as the Bank of England raised the base interest rate from 2.25% to 3%, giving it the most significant hike in 33 years.
https://www.bbc.co.uk/news/business-63471725
With increasing mortgage rates, landlords may be reluctant to hold on to their properties which would result in a serious impact on the number of rental homes available. Renters may find themselves in a more difficult position to find properties to live in, in the next two years.
https://www.bbc.co.uk/news/business-63486784
UK house prices fell for the first time in more than a year in October, as the Liz Truss government’s mini budget caused destruction on the housing market.
The average price of a property was down 0.9% compared with September, to £268,282, according to Nationwide building society’s latest monthly report.
https://www.bbc.co.uk/news/business-63468818
