The average UK property price has reached £250,200 for the first time as housing market demand continues, according to Zoopla’s latest house price index (HPI).
While prices continue to rise, the latest HPI found that signs of a slowdown are emerging as homeowners face increasing pressure on their finances due to the surge in cost of living.
Hargreaves Lansdown senior personal finance analyst Sarah Coles says: “We’ve been expecting a sustained slowdown in price rises. The question was always ‘when’, rather than ‘if’. Rising prices and increasing mortgage rates have pushed mortgage payments up significantly.”
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