Connect with us

Hi, what are you looking for?


House prices continue to fall as buy-to-let landlords sell up

House prices are continuing to fall, according to a closely watched index, but transactions are ahead of the long-term average due to landlords selling up.

According to estate agent Zoopla, landlord properties accounted for 11 per cent of sales in the last month, as high mortgage rates and energy bills forced many property owners to place their homes on the market as they struggled to make a profit.

While a boost in supply may be welcomed by some, a decision by lenders such as NatWest to raise interest rates on fixed rates mortgages by up to 0.45 percentage points, will make it increasingly difficult for first time buyers to get on the ladder and also limit the number of rental properties available for tenants.

“Sellers shouldn’t get carried away by more positive data on the housing market and need to price their homes realistically if they are serious about moving home in 2023,” Richard Donnell, executive director at Zoopla said.

“Home buyers remain price sensitive with one eye firmly on the outlook for the economy, the cost of living and the trajectory of mortgage rates which appear likely to edge higher in the coming weeks,” Donnell added.

It comes as the average price of a home in the UK has grown by 1.9 per cent year on year, now costing £260k. However, that masks a 1.3 per cent fall over the past six months.

However in London house prices contracted by 0.2 per cent on a year to year basis, with the average price of a home in the capital now costing £523k.

“This demand for London property is caused by the backlog of needs-based buyers who were looking to move following Covid-19, which was so great it has yet to be satisfied, despite the increased cost to buy,” Guy Gittins, chief executive of Foxtons Estate Agents said.

“As well, given the extreme supply and demand imbalance in the lettings market, more renters who are in a position to buy have accelerated their search,” he added.

Read more:
House prices continue to fall as buy-to-let landlords sell up

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



By Luisa Maria Jacinta C. Jocson, Reporter THE NATIONAL Government’s (NG) budget deficit widened to P133 billion in August as revenues declined, data from...


THE GOVERNMENT is planning to launch US dollar-denominated retail Treasury bonds (RTB) on Tuesday, Finance Secretary Benjamin E. Diokno said. “We will launch the...


By Keisha B. Ta-asan, Reporter SUPPLY SHOCKS to inflation and a weaker peso against the dollar may prompt the Bangko Sentral ng Pilipinas (BSP)...


By Bernadette Therese M. Gadon, Researcher THE PHILIPPINES’ largest banks saw asset and loan growth ease in the second quarter, reflecting the impact of...


PROJECTS and activities to be funded via the issuance of “blue bonds” should support specific items under the United Nations Sustainable Development Goals (UN...


1 of 5 VERSACE TOM FORD PRADA EMPORIO ARMANI FENDI MILAN — Italian luxury label Dolce & Gabbana (D&G) presented a mainly black and...

You May Also Like

Top News

As the world seeks sustainable and energy-efficient solutions for heating and cooling, the heat pump market is experiencing a significant surge. According to the...


The Toto site’s user-friendly interface makes it easy for both beginners and experienced gamblers to navigate through the various features. “¸ÔÆ¢Æú¸®½º site is a...


Almost 100 jobs are thought to be under threat at smart home energy technology manufacturer myenergi. The Grimsby firm, named one of the UK’s...


The number of small businesses planning to increase prices to their customers is set to rise dramatically this quarter, further fuelling inflationary pressures. A new quarterly analysis of...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.