Luxury-home prices in central London are increasing in value twice as fast as the UK market as a whole as the weaker pound leads more overseas buyers to shrug off higher taxes and seek bargains in the most expensive neighborhoods, according to Knight Frank. Prices of properties costing more than £2m ($3m) rose 20% in June from a year earlier, the London-based real estate broker said in an e-mailed report today.
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Mark Fleming, First American’s chief economist, said housing market potential climbed to the highest level since January 2018.
The lowest mortgage rates have ever been was around Thanksgiving 2012 when the interest rate for a 30-year fixed-rate mortgage fell to 3.31% (according to Freddie Mac data), but rising panic over the coronavirus could drive rates to lows never seen before. HW+ Premium Content