The annual growth in UK house prices has gone up much faster than the general cost of living in recent years, but that could soon be about to to change.
There are growing signs that residential property prices are slowing, while the Consumer Prices Index (CPI) measure of inflation continue to grow at an alarming rate.
Inflation is already nearly three times higher than the Bank of England’s target and is expected to climb further. While inflation had previously been predicted to peak at just over 7% in spring, many predictions now put it as high as 8% or beyond with the potential for a second peak in October when Ofgem’s energy price cap will rise again.
Currently energy prices have proved one of the biggest drivers of inflation making tensions with Russia, one of the world’s largest gas and oil exporters, a key part of the problem.
Surging oil prices have already pushed petrol prices to record levels.
Read the full article on: Property Industry Eye | MARCH 21, 2022 | MARC DA SILVA
Estate Agents
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