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...“We’ve seen a massive slowdown in the market, but only shallow falls in price,” says Richard Donnell, head of research at the property website Zoopla....
...In fact, said Richard Donnell, Zoopla research director, “the housing market has proved very resilient to higher mortgage rates and cost of living pressures.”...
...The number of UK first-time buyers getting on the housing ladder is on track to hit a 10-year low as higher mortgage rates make purchasers more reliant on the so-called Bank of Mum and Dad....
...“But I don’t think they appreciated just how much Bank of England mortgage affordability stress testing provided a lot more resilience in the market.”...
...four consecutive months of house price falls and is the latest sign of a slowdown in the property market, as buyers contend with steeper borrowing costs sparked by successive interest rate rises by the Bank...
...Daniel O’Donnell, global head of alternative investments at Citi Global Wealth in Boston, emphasises the advantages....
...The evidence that more sellers are cracking on pricing comes a week after the Bank of England paused its long series of interest rate increases....
...“A lot depends on what happens in the labour market and the true trajectory of mortgage rates,” said Richard Donnell, executive director at Zoopla....
...OSRS is replete with boring tasks that are roughly like: — click on a tree to chop it down— pick up the wood that has fallen from the tree— take the wood to storage (in a ‘bank’)— return to the tree These...
...But O’Donnell said that without factors including strike action in Hollywood, the figure could have been considerably higher....
...I think people are questioning the veracity of their bond bearish outlook,” O’Donnell continued....
...The UK market will manage perhaps 1mn transactions this year, said Richard Donnell at Zoopla, a fifth below the long-term average and a third below the highs of the pandemic....
...Richard Donnell, research director at property portal Zoopla, added that the hit from high mortgage rates on house sales was “far from uniform” across the country....
...With holidays in overseas markets, “the fact that the supply’s hitting a market that’s not at full attendance seems to have had an outside impact on rates”, said William O’Donnell, head of US rates strategy...
...Richard Donnell, research director at property website Zoopla, said the expense of 10 or 20-year finance discouraged borrowers from breaking the habit of picking cheap short-term deals and hoping rates would...
...“House price falls have been modest over 2023, compared with a 20 per cent reduction in buying power [if they kept their mortgage repayments the same],” says Richard Donnell, Zoopla’s executive director...
...Donnell expects the most notable fallout of 6 per cent-plus interest rates will be that fewer people move house....
...Richard Donnell, research director at property site Zoopla, said many of those selling across the UK were landlords with smaller portfolios....
...“Banks are going to make a lot of money in the next 12 months and they’re supporting their current mortgage customers,” he said....
...“We’ve been in a golden age for borrowers for years, at the expense of savers,” said Bill O’Donnell, an interest rates strategist at Citi. “It now feels like the tables have turned....
...I love the fact you can find anything you want here,” says O’Donnell. Including near and far-reaching suburbs for a sea- or tree-change....
...Richard Donnell, Zoopla research director, says: “It’s a product that works in lower capital value markets in the north of England and Scotland . . ....
...“The ‘mini’ Budget fallout added another 1 to 1.5 percentage points to mortgage rates . . . and brought the housing market to a near standstill in the fourth quarter,” said Donnell....
...Borrowing costs have risen throughout the year, driven up by the Bank of England’s decision to raise interest rates multiple times to combat soaring inflation....
...“Banks and building societies know they need to work harder to attract landlords,” he said....
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