LONDON – Asking costs for homes in Britain surged once more in April however momentum within the housing market ought to sluggish as shoppers are hit more and more by the rising price of dwelling disaster, a survey confirmed on Monday.
Property search web site Rightmove stated asking costs rose by 1.6% this month, slowing barely from a 1.7% rise in March. Greater than half of homes are at the moment promoting at or above the asking worth, the survey confirmed.
The report echoed different gauges that present Britain’s housing market retained a lot of its momentum within the first half of 2022, regardless of the phasing out of non permanent tax breaks on property purchases within the second half of 2021.
However with family budgets being squeezed by excessive inflation and tax rises, Rightmove had doubts about whether or not the housing market can sustain its current power – though there's scant signal of a slowdown now.
“Whereas rising affordability constraints imply that this momentum just isn't sustainable for the long term, the excessive demand from numerous consumers chasing too few properties on the market has led to a spring worth frenzy,” Rightmove managing director Tim Bannister stated.
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