Part 9/13:
Mortgage lending has dried up for first-time buyers, with banks withdrawing many riskier mortgage offerings, exacerbating housing affordability issues.
The UK economy is experiencing its steepest decline in living standards in nearly a century, with real incomes ravaged.
Australia
The Australian market is also in decline:
Prices have fallen by 40,000 AUD in just the last quarter.
Listing activity has dropped dramatically, with a 24% decrease nationwide and 35% in Sydney.
Mortgages have increased from 3.45% to nearly 6%, reducing affordability and causing prices to slide.
Despite the dip, prices remain roughly 16.7% above pre-COVID levels, suggesting some resilience but with risk of further correction.
Canada
Canada’s property market has cooled: