Nick Millican: UK Housing Prices Continue to Rise
Real estate expert Nick Millican informs how housing prices in the UK continue to rise at record rates. This is leaving many people with few options other than to rent a house or not be able to live in a home of their own at all. As the price of rentals continues to skyrocket, this is making life much more challenging than it has to be for millions of people living in the UK.
Home prices rose another 0.9% in the last quarter, which means that many other buyers who can afford homes have less homes to choose from than in before. However, Nick Millican shares, despite a rise in home prices last month, overall home prices in the UK have dropped.
Prices dropped by about 3.3% in the last year, or since this time last October. Housing activity in the UK has been dismal, with only 43,300 mortgages approved in September. Nick Millican informs that t is about 30% of the mortgages that were approved last year at the same time.
The slight uptick in housing costs in October are simply believed to be due to the fact that housing supplies are constrained at this time, and therefore the few homes available are rising in cost due to the competition to purchase a home among those who can still afford to do so (Twitter).
All of that, combined with the fact that there is little-to-no forced selling going on means that the market is relatively weak right now when it comes to housing. Despite cost-of-living costs slowing a bit, many families are yet to catch up from the pressure of inflation in the last several years. This situation, Nick Millican finally adds, has left budgets short and many families feeling the strain.