Burton Property Market Update - July
We bring you the latest trends in Burton upon Trent's housing market with a detailed focus on DE11, DE13, DE14 and DE15.
House prices
At £283,496 the average price of property in the UK is 12.8% higher than a year ago. In monetary terms this is equivalent to a rise of over £32,000 (UKHPI)
Economy
The Bank of England has raised the base rate of interest to 1.75%, its sixth consecutive rise as it has warned inflation will hit 13% in October..
Transactions
HMRC report 95,420 sales were completed in June, the first time monthly sales volumes have dipped beneath 100,000 in 2022. Volumes are over 50% lower than in 2021, the market then fuelled by the Stamp Duty Holiday.
Demand
Mortgage approvals in June fell to their lowest level since the COVID-19 market shutdown in the spring of 2020. 63,726 mortgages were approved, 4% lower than the pre-pandemic June average (Bank of England).
Investment
Average rents across Great Britain rose by 3% in the year to May, their highest rate of annual growth since records began in 2012.
