14 November 2022 | Other

UK home sellers decrease prices after mortgage rate hikes

After a sharp increase in the cost of mortgages, as well as the threat of economic recession, the UK property market has cooled down. Estate sale prices have decreased at a record pace, last recorded in August.

According to the property-search website Rightmove, offer prices fell 1.1% in November before its previous growth by 0.9% in October. In general, this decrease is quite regular for the autumn season, given that many sellers are intended to complete transactions before Christmas.

However, the current figures demonstrate the UK property market weakening after its significant growth during the pandemic. Nowadays, the Bank of England quickly reacts to the economic situation and continues to raise rates in order to beat inflation. Regarding this, the property market will either suffer greatly or get back to its regular growth levels.

Also, Rightmove outlines that sellers have become more open to price shifts in order to complete transactions faster. Thus, the number of unsold properties with lowered prices increased to 8% in October, which is more than twice as high as the previous year’s numbers.

Company MarketCheese
Period: 08.07.2025 Expectation: 1500 pips
EURUSD rally faces potential correction toward 1.165
Yesterday at 06:46 AM 48
Period: 09.07.2025 Expectation: 1400 pips
USDCAD declines amid US dollar weakness and improving Canadian trade prospects
Yesterday at 06:07 AM 35
Period: 08.07.2025 Expectation: 3000 pips
Buying Bitcoin during consolidation before July growth wave with 110,000 target
01 July 2025 60
Period: 07.07.2025 Expectation: 2000 pips
Renewed tensions between Musk and Trump weigh on Tesla shares
01 July 2025 50
Period: 07.07.2025 Expectation: 1900 pips
SPX may retreat to 5,980 following all-time high
30 June 2025 56
Gold sell
Period: 04.07.2025 Expectation: 5000 pips
Gold's six-month uptrend is under threat as prices test 3250 level
30 June 2025 175
Go to forecasts