I'm in the process of uploading the latest house price data to the website. It looks like house prices are on the way up again, although they are still negative on an annual basis. I would guess that increasing interest rates and the cost of living crisis will likely cause prices to fall in the coming months.
One thing I haven't seen mentioned about increasing mortgage rates is how the effect of them is very different depending on where you are in your mortgage life. For example, compare the increasing payments for someone with a 25 year mortgage compared to someone with 5 years remaining on their £100,000 mortgage
| Number of years | Mortgage rate | Percentage increase in payment | |
|---|---|---|---|
| 2% | 6% | ||
| 25 | £424 | £644 | 52% |
| 5 | £1,753 | £1,933 | 10% |
