These include money saved during lockdown, and flexible and remote working practices allowing people to seek out more rural locations and spacious homes.
However, Galley added that some of the factors that had driven rapid growth of the housing market during the pandemic remained. “Leading indicators of the housing market have recently shown a softening of activity, while rising borrowing costs are adding to the squeeze on household budgets.” “While we shouldn’t read too much into any single month, especially as the fall is only fractional, a slowdown in annual house price growth has been expected for some time,” said Russell Galley, the managing director of Halifax.
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