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Coming Soon? From the beginning of 2023 - a drop in apartment prices in the UK - voila! Real estate

2023-03-02T08:28:40.904Z


Due to the high interest rate and the cost of living crisis: a steep drop in housing prices in the UK from the beginning of 2023 - this, after a 120% increase in a decade. Prices are now 3.7% below their peak


From London to Israel?

According to a published report, last February there was a decrease of 0.5% in housing prices in the United Kingdom - a decrease that amounts to a drop of 1.1% since the beginning of 2023, which is considered their first annual decrease since June 2020 and the sharpest contraction since November 2012. Prices are now low



in 3.7% from their peak in August 2022. This, we emphasize, after a 120% increase in a decade.

The Thames River, the Bridge and the skyline of the city of London (Photo: ShutterStock)

It seems that the current weakness in the housing market in the United Kingdom began with the turmoil in the financial markets, which followed the issue of the mini-budget in September 2022 - which of course joins the rampant inflation (10.5% as of the last report), which led to the sharp increase in interest rates in the Kingdom to a level of 4% - the highest in the Kingdom since October 2008.



Senior economists in the United Kingdom estimate that it will take a long time for the housing market in the country to recover, as the trend is expected to continue in the coming year for sure, and the decline in real estate prices in the United Kingdom will continue in the coming months, as well as mortgage prices which continue to soar at a tremendous pace following the increase in interest rates.

  • Real estate

  • news

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  • real estate

  • UK

Source: walla

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