What’s Happening In The Housing Market Right Now

Recently, the main focus of all property headlines has been surrounding the rise in mortgage rates and its effect on buyers looking to purchase a new home and renters whose landlords are considering selling. This shift is naturally concerning for many of us, but while initial approvals and monthly payments will be affected, you should still consider the bigger, more long-term picture of going down this path. Mortgages continue to offer numerous benefits, and homeownership offers the potential for equity growth and an accumulation of wealth over time. Also, Leeds Building Society and Experian have started offering a new approach to credit scoring that incorporates subscriptions such as to Netflix or Spotify as well as more traditional debt payments in an attempt to make things easier for those seeking mortgage approval.

There are some more positive market developments to consider too. For example, though mortgage rates have soared, property prices are finally falling, meaning your dream home could be becoming more and more affordable by the month. In fact, according to Nationwide, prices fell at their fastest annual pace for almost 14 years in May. This is an indication that the supply market is returning to more normal levels. Employment levels also remain strong, and competition for rentals has dropped, suggesting a more optimistic potential outcome for the second half of the year after these recent struggles.