Prices for residential real estate in the UK in November rose by the highest since November 2022 by 3.7% in annual terms, according to a report by the British mortgage company Nationwide Building Society. The indicator has been growing for the tenth month in a row, in October the growth was 2.4%.
The consensus forecast provided by Trading Economics assumed that the growth rate would remain at the October level.
Compared to the previous month, house prices increased by the highest since March 2022 by 1.2% after rising by 0.1% in October and now average 268,144 thousand pounds ($340.2 thousand) per property. This is only 1% below the historical high recorded in 2022.
“The acceleration in house price growth is surprising as affordability remains low by historical standards,” said Robert Gardner, senior economist at Nationwide. ”House prices remain high relative to average earnings and interest rates are well above pre-COVID levels.
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Demand for apartments in Ukraine as a whole remains stable, and with the end of the lockdown there has been an upward trend, Director General of the Finance and Investment Association (FIMA) Viktoria Volkovska has told Interfax-Ukraine.
“According to a FIMA study, still the majority [76.9%] – buyers who report a desire to improve their living conditions. The share of investors purchasing housing for rent is about 38.5%. Such categories as displaced persons from the East and Crimea, of course, are present, but do not constitute a significant amount,” she said.
According to an online survey of construction finance fund managers, conducted following the first half of 2021, some 61.5% of respondents said that demand for housing has not changed significantly, and 15.4% said that demand has decreased by 10-20%. At the same time, 15.4% of respondents said that demand increased by 10-20% and 7.7% – by more than 20%.
“In early 2021, due to a prolonged quarantine period and a drop in income, we noted shrinkage in real demand. In April-May 2021, the situation changed for the better and the number of apartments sold reached the pre-quarantine level. Now the real estate market is showing a tendency towards full recovery to the indicators of a relatively successful 2019,” Yuriy Zavialych, the director of financial company Intersvit LLC (Lviv), said.
The Finance and Investment Management Association (FIMA) was established in May 2020. It unites 41 financial companies-managers of construction financing funds in Kyiv, Lviv, Odesa, Dnipropetrovsk, Khmelnytsky and Kharkiv.
