RSM Housing activity market tracker Q2 2023
RSM’s quarterly housing tracker analyses the transactional data and makes predictions, with inflation continuing to put pressure on the cost of borrowing. It also explores what’s shaping the housing market now, exploring Governement policy, senior living and affordable housing amongst other factors.
House prices hit across regions - House prices held in Q2 but have softened over the year, largest declines seen by London and East Anglia at 5% in that period. Q2 saw 70,000 less housing transactions than the previous 12 month quarter average.
Mortgage rates trigger period of adjustment- Q2 saw mortgage rates rise across the board. A two year 95% LTV sat at 6.32%, pricing first time buyers out the market. Longer term and interest only mortgages have increased.
Levelling out in 2024- Experts predict interest rates to peak at the end of the year and a gradual decline in house prices around 7% before stabilising in mid-end 2024.
