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UK housing market stabilises after 'mini-budget' rates spike, Rightmove survey shows

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The average price of homes coming on the market in Britain stabilised in March and activity is picking up towards more normal pre-pandemic levels after last year's 'mini-budget' upheaval, a survey showed on Monday.

Suban Abdulla

Property portal Rightmove said asking prices for homes rose by a monthly 0.8% in March after the weakest February in records going back to 2001 when they flat-lined. While borrowing costs have eased from their peak, they are still nearly double their level before former prime minister Liz Truss's unfunded tax cut plans - part of her "mini-budget" in September of last year - which caused turmoil in bond markets.

 

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