The rising price of materials and the increased cost of carrying out construction work are shaking the industry to its core.
It has been a turbulent year for homeowners, with mortgage rates surging and signs house prices could be starting to drop. Interest rates have steadily risen, with the Bank of England raising its base rate for the ninth time in a row to 3.5%.
Buy-to-let investors are swooping to snap up property bargains as buyer demand disappears amid the housing market downturn.
New largest annual growth recorded in November. Private rental prices paid by tenants in the UK increased by 4% in the 12 months to November 2022, according to the Office for National Statistics (ONS).
The expectation is that numbers will continue to fall gradually into 2023. UK inflation rose by 10.7% annually in November, easing from a four-decade high of 11.1% recorded in October.
Millions Of Younger Adults Worried About the Cost-Of-Living Crisis Impeding Their Homeownership Plan
Research also reveals they are making significant changes to their lifestyles to save money.
The Bank of England has unwrapped another unwelcome present of an interest rate rise just ten days before Christmas, inflicting fresh cost-of-living pain on borrowers.
The downbeat results of a survey by a finance company suggest that half of tenants are worried that they will be unable to afford their rent next year.
- High-Rise Mortgage Costs See Surge in Rents Across The UK
- House Prices Fall by The Biggest Amount in 14 Years
- Sterling Drops as Falling UK House Prices Add to Recession Worries
- Government Ditches Mandatory Housebuilding Targets
- UK Homeowners Settling for Lower Prices as Housing Market Continues To Slide
- Soaring Rents Making Life ‘Unaffordable’ For Private UK Tenants, Research Shows
- 'Alternative To Help to Buy': Housebuilders Offer New Support Schemes for Homebuyers
- Number Of Landlords Selling Up Rises By Nearly 13% In Four Months