Episode Details

UK home prices took their first dip this year in May, falling 0.6% from April, though still up 1.7% year-on-year at £278,024. Rising mortgage rates—around 5.68% for two-year fixes and 5.63% for five-year—combined with Middle East tensions driving energy costs, are chilling buyer confidence. Affordability is already tight, and a weakening job market could hit prices harder than interest rates. Some agents now predict a 2% annual drop, reversing earlier growth forecasts. But there’s hope: if energy prices stabilize soon and the Bank of England holds rates steady, the market may rebound quickly.

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