A 30-year fixed mortgage in the UK have edged up and the typical contract is now 5.2%.

According to a market study from RealVantage the impact of increasing rate of interest has led to the slowing of residential markets both in both the US in the US and UK. Inflationary pressures that are rising have driven up mortgage and housing prices within the US and further decreases in transactions for housing on the US real market are likely to continue to continue for the remainder of the year.

Amo Residences by UOL sits on a 12,679.4 sqm land area next to Bishan-Ang Mo Kio Park, District 25 of Singapore.

Real estate investing platform that is based within Singapore, RealVantage is a digital fractional real estate platform that is private equity.

The report also states that despite record high house costs in UK for this time of year rising rates of interest and the rising costs of living is likely to decrease affordability and lower costs for housing in the remainder of the year.

UK house prices reached the record of GBP282,753 ($488,627) in March of this year, however they are expected to decrease over the course of 2H2022 and 2023 when homebuyers are facing more expensive interest rates. The rate of inflation in the United Kingdom increased to 6.2% in February this year and the country’s central bank warns that this rate could climb to 10% in the coming months.

The rates for mortgages within the UK have also risen and the standard contract rate for a 30 year fixed mortgage has increased by 3.3% at the start of the year to 5.2% currently. This has led to a decrease in residential transactions within the UK.