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As of November 13, 2024, mortgage rates in the U.S. have surged to 6.79%, the highest since July, driven by inflation concerns following Donald Trump's election victory. In the UK, rising rates are also impacting the housing market, prompting borrowers to act quickly amid economic uncertainty and higher borrowing costs.
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Following Donald Trump's election, mortgage rates have surged to 6.79%, raising concerns for homebuyers. Analysts predict that Trump's proposed economic policies could lead to higher inflation and interest rates, complicating the housing market for first-time buyers and current homeowners alike.
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As of November 2024, U.S. renters are grappling with significant rent increases, with the median rent now at $1,634, a 20% rise since pre-pandemic levels. Economic factors, including inflation and high interest rates, are causing consumers to hesitate on major purchases, leading to a notable 'election shopping slump.'
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As of November 2024, the US housing market is experiencing record low participation from first-time homebuyers, rising median ages, and fluctuating mortgage rates. The market is also seeing an increase in cash purchases and changing inventory levels, while the UK market reflects similar trends with heightened sales activity.
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The UK government's decision to freeze Local Housing Allowance (LHA) rates until 2026 has raised alarms among experts and charities. With rising rental costs, low-income renters are expected to face significant financial shortfalls, potentially leading to increased poverty and homelessness.