Rents and house prices continue to rise
House prices and rents continued to rise late last year, official data shows, but experts predict a slowdown.
That is a slight acceleration from the 4% average annual rise in November, continuing a trend which shows it as the largest annual percentage change since comparable records started in January 2016. Landlords have been hit by tax and mortgage rate rises, adding to their own costs.What can you do about rent increases? Watch the BBC's Lora Jones tell you, in a minute.increased by 10.3% in the year to November, slowing from 12.4% in October 2022.
The typical UK house price in November was £295,000, which was £28,000 higher than a year earlier but a slight decrease from the previous month's record high of £296,000.Potential buyers were hit by a steep rise in mortgage costs in 2022, driven in part by the doomed mini-budget during the premiership of Liz Truss.
"Home prices have risen far more quickly than incomes, creating an affordability squeeze, and mortgage rates have risen to levels not seen since the financial crash," said Myron Jobson, senior personal finance analyst at Interactive Investor.
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