Kay Westgarth, Head of Sales at equity release lender Standard Life Home Finance, comments on this morning’s Rightmove House Price Index.
The Index has revealed that:
- Though house prices hit another record high, the annual rate of growth is continuing to slow.
- The average UK property tag has hit £369,968, up 0.4%, or £1,354, in the month.
- Buyer demand is now a whopping 26% higher than at the same time in 2019, though down 7% on June 2021.
Kay Westgarth, Head of Sales at Standard Life Home Finance, comments on the latest Rightmove House Price Index (July 2022):
“Today’s news is a further signal that UK house price growth is settling off. House prices are still increasing, albeit at a slower pace than the record speed witnessed since the summer of 2020. Fear of a recession and five consecutive base rate rises are certainly putting the brakes on any further acceleration.
“The rapid growth witnessed in the last two years has, in part, driven record numbers of existing homeowners to unlock the added value from their homes through later life mortgages. The added buzz and awareness around later life lending should certainly continue to pay dividends for homeowners long after house price growth has slowed.”