UK House Prices Rise Despite High Mortgage Rates

UK House Prices Rise Despite High Mortgage Rates

In this insightful video, we explore the surprising trend of rising house prices across the UK, even as mortgage rates climb to new heights. Join us as we delve into the factors driving this unexpected market behaviour, including regional hotspots like Surrey, and the broader economic landscape affecting potential homebuyers and investors. With expert analysis and the latest data, this is your go-to resource for understanding today’s dynamic real estate market. Tune in to gain valuable insights and stay informed about one of the most significant developments in the UK housing sector.

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hey my name is James Nicholson and welcome to my YouTube channel in this video I’m going to talk about the latest Halifax Property Data this has got the latest house price data it’s a little early this month we normally get this in the second week of the month but there’s a lot going on this week we’ve got the bank of England meeting that’s going to make the new cycle quite busy so I expect that they wanted to get this data out before we’re going to cover the regions that are doing best in the market Market at the moment and where is doing the worst at the moment how much houses are up or down on an annual basis and much much more now before we jump into this this is the Halifax data we always going to get someone jump in the comments and say one week you’re saying house prices are going up then you’re saying they’re going down we had Nationwide data last week that said prices were down according to their data this is the Halifax data and this is just the properties that they deal with this is not talking about what’s going on with NatWest or virgin or the on this is the Halifax data who are a very big lender uh and so we should always look at all the data sources to get a real understanding on what’s actually happening in the market now before we jump into this as always if you haven’t done subscribe to the channel over there and hit the Bell notification we’re on the way to 23,000 subscribers it’s possible we’d hit that this week if you subscribe right now and while you’re here smash the like button tickle the like do something to that like button that really helps us with the YouTube algorithm and you’re just an all around great person if you do it so what’s Halifax saying today remember this is not James Nicholson this is Halifax before you jump into me in the comments so Halifax they are saying that in April house prices are up 0.1% so not much the difference here nor there Nationwide said they were down about a similar amount and so and that could be down to a number of things maybe one of these lenders gets more properties up north maybe one of them gets more properties down sou or maybe one of them gets bigger properties and one of them gets more flats and smaller properties you got to take into that uh with any data that you’re looking at but Halifax they’re saying that the housing market is up marginally uh now they’re saying that average house prices uh in March were 288,000 781 that’s in March now in April they’re up slightly so how much are they worth 288,000 49 so a smidge up which is good right it’s not going to kill anyone either way it’s not going to impact affordability massively it’s not going to save you a ton of money either but it’s interesting to see that the house prices are moving up according to them now they are saying that well the March data that they had wasn’t so good so Halifax said in March house prices were down we talked about that on this channel 0.9% down in March so on an annual BAS basis the increase that they’re saying now is 1.1% so it’s not looking like a crash at this moment in time but things are definitely changing so the Nationwide had two backto back months of house price drops now Halifax had one up one down but if you add those two together it’s more down than it is up because we went down 0.9 and we’ve only gone up 0.1 now Halifax have also broken down what’s going on in a regional sense of things and the two most extreme performing places are in Northern Ireland house prices on an annual basis are up 3.4% we’ve covered that in recent videos Northern Ireland has been doing quite well in the 12- Monon rolling cycle at at the moment so look if you’re investing or maybe you live there and you’re looking to buy maybe have a look at that data see if that data could be useful to you to buying or selling a property maybe you’re selling it at the peak uh who knows for sure so that’s interesting to see there now the worst performing place at the moment which is where a chunk of my properties are is in the Southeast we are down 1.1% which is quite a bit and that uh especially if you’ve got a portfolio like me that’s going to be a big chunk of cash out of your property value and so it’s interesting to get these data sources so we like to look at data sources from the on uh the office of national statistics we look at the right move data we look at the Nationwide data we look at the Halifax data and that just gives us an overall impression now what this does show us because we do get comments on the channel every single day to say one day you say the high house prices are up one day you say the house prices are down and in either of those videos if I’m saying it’s up or down they’re not really big movements either way it’s not often in the last two years of running this channel that we’ve had a month go up more than 1% or down more than 1% the market is relatively flat at the moment now if you want to to take into account inflation which has been probably on average 6 7% for the last 2 years it was at obviously 10% it’s now at 3.7% then house P house house prices in real terms are actually cheaper so what is going to impact house prices at the moment well interest rates mortgage interest rates the rate that we pay you pay I pay those rates have been going up in the last few weeks that is going to impact people’s affordability but it also means that some people will just leave the market maybe someone’s considering buying and they’re going to say you know what I’m going to wait I’m going to delay my purchase until I’m more confident that interest rates are going to go down because we know at some point because the bank bank of England have said and the Federal Reserve has said the interest rates are going to go down it’s just a case of when is that going to happen in inflation has been really sticky that’s meant mortgage rates have been higher for longer we’ve also got conflict with in Israel and Gaza and we’ve got the Russia Ukraine war that’s put up energy costs and put more uncertainty around the world which is kind of kept that inflation higher for longer obviously the people in those areas are going through really really terrible circumstances as well so my heart goes out to them um and this is really impacting the interest rates and the global economy as well and so we’ve got to keep an eye on all of these things now as a property investor should you be worried about going up 0.1 or down 0.9 not really because if you’re looking to buy a deal if I’m looking to buy a deal I’m never going to buy a deal unless I’m at least getting five or 10% off as a minimum of that property uh and so I’m also going to look for a property that I can add value to I’m not going to be buying a new build property where I can’t add any value to in fact it’s probably going to go down cuz it’s a new build uh the after the initial purchase and so these things are the considerations we have as property investors and we have a program called the fundamentals of property investing is less than 50 Quid while everyone else is selling their courses for 5,000 10,000 20,000 £30,000 we’ve got the same stuff for less than 50 Quid so I’m going to link below that so go and check that out now is a great time to get those skills and knowledge and really understand how the market is now while you’re here make sure you smash that like button comment below where do you feel house prices again will end up by the end of 2024 do subscribe do check out some more content on my channel including this video right here