The average cost of real estate has jumped to almost 30,000 pounds since the start of pandemic.
New data nationwide discovered that real estate prices reach a record high, and the cost of average housing exceeds 250,000 pounds for the first time.
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Robert Gardner, the chief economist nationwide, commented, “In combination with the shortage of houses living in the market, it helps to explain why price growth is steady.”
“Even if the wider economic situation is continuing to improve, the rise in interest rates can have the effect of cooling the market, but the impact on existing borrowers is modest.”
“For example, in average mortgages, an increase in interest rates of 0.4 % increases monthly payments from £ 28 to 625 pounds (or about 335 pounds a year), but the rise in bank charges is typical. Payment increases by 660 pounds (over 760 pounds per year).
“It is important to note that a small number of households already have a relatively expensive debt repayment,” he added.
