Rolling coverage of the latest economic and financial newsUK house sellers are cutting their asking prices at the fastest rate in more than a decade, after high interest rates dampened demand for property this summer.The proportion of homes on the market which have had at least one price reduction is at its highest level since January 2011, the property website Rightmove has reported.“Each passing month has ushered in a new rental market record. Rents have risen more in the last 12 months than they did between 2015 and 2019.“While the current pace of rental growth is unsustainable long term, many mortgaged landlords are being squeezed just as tightly as tenants.”“Higher rents are only going some way towards helping mortgaged landlords balance their books, rather than boosting their profit. This is one of the reasons we haven’t seen large numbers of new landlords come into the market.” Continue reading…
Source : theguardian.com
Read more…UK rents soar as high interest rates hit property market – business live
