UK Housing Market Slumps Amid Rising Rates | Bermuda News

UK housing market hits a major slowdown as new home asking prices plunge 2% in just four weeks — the steepest drop since 2018 — fueled by record-high supply and fading buyer demand. Prices are now 1% lower than last year, with London hardest hit at -3.1%, though some northern regions see gains. Buyer interest rose 5% since PM Burnham took office but remains 10% below pre-pandemic levels. Rising mortgage rates — now over 5% — and global uncertainty have led experts to slash forecasts, predicting flat or even 2% declines in coming years. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/5640ad80727cf443