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01.12 - 11:39
Higher interest rates ‘could weigh on UK housing market’
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Nationwide Building Society has said there could be a “cooling” of the UK’s red-hot housing market because of rising inflation and interest rates.
Robert Gardner, the chief economist at the UK’s second-largest mortgage lender, said the housing market is currently “remarkably robust” despite the end of incentives such as the government’s stamp duty holiday at the end of September.
However, he said that in the coming months a lot would depend on the performance of the wider economy.
“There are a few things that could moderate [housing demand] a bit in the coming quarters. For example, there are not many homes on the market at the moment. That is likely to hold back activity.
“If you look at rising inflation squeezing household budgets a little
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