From Fortune:

Britain’s housing market is difficult to navigate due to high interest rates and a cost-of-living crisis. The average mortgage rate in the UK for a two-year fixed mortgage is 5.02% and 5.43% for a five-year fixed mortgage, according to Rightmove. Howard Davies, the chair of NatWest, received backlash for remarks about the ease of buying a home amid the crisis. His comments prompted reactions from others including industry experts and renters expressing their struggles. Despite this heat, mortgage rates are expected to cool with potential interest rate cuts. The average property increased $4,800 from its price in 2022. Following the backlash, Davies clarified his comments stating the housing market remains difficult.



Read more: NatWest chair Howard Davies faces backlash for U.K. house buying comments