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The Guardian - UK
The Guardian - UK
Business
Larry Elliott Economics editor

Tories can rule out any pre-election feelgood factor from property market

United Kingdom Halifax Moody Inflation Bank of England
Houses in a Suffolk street
The rating agency Moody’s is pencilling in a fall in house prices of 10% over the next two years. Photograph: Howard Taylor/Alamy

This time last year the housing market was flying. Demand for home loans was strong and mortgage lenders were vying to offer the most attractive deals. House prices were up 12.5% year on year, according to the Halifax.

The mood is now different. This week, the Halifax and the Nationwide building society announced that fixed-rate mortgages would become more expensive. HSBC has temporarily withdrawn all its deals for new borrowers.

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