House prices in UK rose by 0.2% in June 2024
Real Estate

House prices in UK rose by 0.2% in June 2024

Although there was a little increase in British home prices in June compared to May, mortgage company Nationwide stated that the housing market is still being negatively impacted by rising borrowing rates. It reported that prices increased by 0.2% on a monthly basis and were 1.5% higher than in June of the previous year. The coronavirus outbreak caused a boom in the British property market, but after the Bank of England raised interest rates to their highest point since 2008 last year, the market has slowed. Nationwide's price index shows that prices have dropped by around 3% from their peak, which was reached two years ago. Robert Gardner, chief economist at Nationwide, stated that earnings growth had been much stronger than house price growth in recent years, but he noted that this had not been sufficient to counterbalance the impact of higher mortgage rates. Britain's opposition Labour Party, which was far ahead in opinion polls in the run-up to Thursday's election, had promised to relax planning rules in the hope of spurring construction, which could potentially make housing more affordable. According to Nationwide, prices in London had risen by 1.6% in the April-to-June period compared with the second quarter of 2023. A Reuters poll of housing market analysts published on May 29 indicated that property prices in Britain were expected to rise by 1.8% in 2024 as higher wages were expected to make homes more affordable.

Although there was a little increase in British home prices in June compared to May, mortgage company Nationwide stated that the housing market is still being negatively impacted by rising borrowing rates. It reported that prices increased by 0.2% on a monthly basis and were 1.5% higher than in June of the previous year. The coronavirus outbreak caused a boom in the British property market, but after the Bank of England raised interest rates to their highest point since 2008 last year, the market has slowed. Nationwide's price index shows that prices have dropped by around 3% from their peak, which was reached two years ago. Robert Gardner, chief economist at Nationwide, stated that earnings growth had been much stronger than house price growth in recent years, but he noted that this had not been sufficient to counterbalance the impact of higher mortgage rates. Britain's opposition Labour Party, which was far ahead in opinion polls in the run-up to Thursday's election, had promised to relax planning rules in the hope of spurring construction, which could potentially make housing more affordable. According to Nationwide, prices in London had risen by 1.6% in the April-to-June period compared with the second quarter of 2023. A Reuters poll of housing market analysts published on May 29 indicated that property prices in Britain were expected to rise by 1.8% in 2024 as higher wages were expected to make homes more affordable.

Next Story
Infrastructure Energy

Mahi-Banswara Nuclear Project Siting Transferred to ASHVINI

India’s nuclear regulator, the Atomic Energy Regulatory Board (AERB), has transferred the siting consent for the Mahi-Banswara Atomic Power Project from the Nuclear Power Corporation of India Limited (NPCIL) to Anushakti Vidyut Nigam (ASHVINI), a joint venture company developing the 2,800 MWe project.Prime Minister Narendra Modi is scheduled to lay the foundation stone for the Mahi-Banswara Rajasthan Atomic Power Project (MBRAPP) on 25 September. The project marks the entry of the National Thermal Power Corporation (NTPC) into India’s nuclear power sector.ASHVINI, a joint venture between N..

Next Story
Infrastructure Energy

PM Modi Launches Rs 5.1 Billion Projects in Arunachal Pradesh

Prime Minister Narendra Modi today launched infrastructure projects worth over Rs 5.1 billion in Arunachal Pradesh, underscoring the state’s growing role in energy and regional development. He virtually laid the foundation stones for two major hydropower projects in Shi Yomi district, as well as a convention centre in Tawang. Additional projects worth over Rs 1.29 billion were rolled out across road connectivity, healthcare, and fire safety sectors.Addressing a public gathering at Indira Gandhi Park in Itanagar, PM Modi described Arunachal Pradesh as both the land of the rising sun and a cra..

Next Story
Infrastructure Energy

Power Ministry Forms Committee to Standardise Smart Meter Training

The Ministry of Power is establishing a steering committee and a sub-working group of domain experts to standardise training modules and create standard operating procedures (SOPs) and guidelines for smart meter data analytics, adoption of standards-based regimes, and cybersecurity practices for distribution companies (DISCOMs).The National Data Analytics and Reporting Centre at the National Power Training Institute, Faridabad, will conduct training programmes for DISCOM officials and provide guidance on customising use case analytics. It will also offer a “Leadership and Strategic Managemen..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?