Overview
- ONS data published Wednesday showed UK prices up 1.2% in the year to February to £268,000, while London fell 3.3% to £542,000, with Yorkshire and the Humber leading growth at 3.9%.
- The downturn in prime central London intensified, with Westminster down 12.7% and Kensington & Chelsea down 11.2% over the year, pointing to sustained weakness at the top end.
- UK inflation rose to 3.3% in March after fuel prices climbed during the Middle East conflict, lifting market expectations for higher borrowing costs and cooling buyer demand.
- Two‑year fixed mortgage rates climbed from about 4.83% in early March to 5.83% by April 22, according to Moneyfacts, and several lenders later trimmed selected fixed deals, offering only limited relief.
- Average private rents increased 3.4% in the year to March to £1,377, adding strain for tenants as tight rental supply helps push rent growth ahead of house prices.