July 6, 2022

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Home prices continue to rise significantly, but price increases stabilize |  right Now

Home prices continue to rise significantly, but price increases stabilize | right Now

House prices in our country rose an average of 19.7 percent in April compared to a year earlier, CBS and Land Registry reported on Monday. This is 0.2 percentage point higher than 19.5 percent in March. In the three months before that, prices rose less sharply each month. So it looks like the housing market is entering calmer waters.

Since the start of the Corona crisis, home prices have risen at a faster and faster pace. Where there was an additional 6.3 percent in January 2020, that was already more than 21 percent in January of this year. In February and March, the increase weakened and stabilized in April at 19.7 percent.

An important reason for this cooling is that wage increases are not keeping pace with housing prices. “CLA wages have not risen strongly enough in recent months to keep pace with rising home prices along with rising mortgage costs,” Paul de Vries of the Land Registry previously explained.

It’s hard to predict what will happen to home prices in the coming months, but the increase is expected to subside for a while. The decline is not directly in line with expectations.

15,972 homes were sold in April. This is 16 percent less than in the same month last year.

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