Cebr’s estimates for the costs to homeowners of renegotiating their mortgage is featured in the following City A.M. article.
The housing market has slowed amid the mortgage crisis, with experts warning it is like a “ticking time bomb” before it crashes.
This morning’s House Price Index from the Office for National Statistics (ONS) show average UK house prices increased 3.5 per cent in the 12 months to April 2023, but this was down from 4.1 per cent in March 2023.
Figures show the average UK house price was £286k in April 2023, up £9,000 on 12 months ago, but £7,000 below the recent peak in September 2022.
“I fear for the property market, and a house price crash seems inevitable at this point,” Jamie Elvin, director at Brighton-based Strive Mortgages, said.
“We have a ticking time bomb where 1.4m borrowers will see an end to their low fixed rates this year, and the impact will be devastating.”