>

>

/

Residential markets in UK and US likely to cool amid upward pressure on mortgage rates and housing prices: RealVantage

/ EdgeProp Singapore |

May 17, 2022 8:43 PM SGT

Mortgage rates in the UK have edged up and the typical contracted rate for a 30-year fixed mortgage is now 5.2%. (Picture: Pixabay)

SINGAPORE (EDGEPROP) - According to a market report by RealVantage, the impact of rising interest rates has already resulted in the cooling of residential markets in the US and UK. Upward inflationary pressures have pushed up housing prices and mortgage rates in the US and further reductions in housing transactions in the US real estate market are likely for the rest of this year.

See also: Rising interest rates and benchmark prices loom over the housing market this year

A real estate investment platform based in Singapore, RealVantage is a digital fractional private equity real estate platform.

The report adds that despite record high housing prices in the UK this year, climbing interest rates and the increased cost of living are expected to reduce affordability and lower housing prices for the rest of this year.

UK house prices hit a record GBP282,753 ($488,627) in March this year, but prices are likely to ease over 2H2022 and into 2023 as home buyers face higher interest rates. The UK’s annual inflation rate reached 6.2% in February this year, and the country’s central bank cautions that this figure could rise to 10% later this year.

Mortgage rates in the UK have also edged up and the typical contracted rate for a 30-year fixed mortgage has risen from 3.3% at the start of the year to 5.2% currently. This has prompted a slowdown in housing transactions in the UK.

Tags:

international interest rates mortgage rates

Follow Us

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

Record-breaking 1,000 HDB resale flats hit $1 mil in 2024

2

Project Spotlight: This condo in Ang Mo Kio has 241 profitable and no unprofitable transactions

3

Novo Place hits 88.1% as 137 units snapped up in second balloting

4

Is it a Good Deal?: A duplex penthouse in Sentosa sold for a loss of $1.93 million

5

10 best-selling new private residential projects of 2024

Our Site

Follow Us

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

View More

Close Ad

00:00