A Diss-based estate agent has told homeowners that “the boom is over”, as the rise in house prices looks set to ease. Prices in Diss – which have risen by 27.7 per cent in the past two years – will likely slow down as a result of the cost of living crisis, said Kevin Parson, who runs Parson estate agents, in Victoria Road. Not only will house price growth ease, but it could also even see negative growth in the months ahead, he added. “In the short-term, this increase in the base rate will increase mortgage rates, thus adding fuel to the fire of the cost-of-living crisis by growing mortgage costs. “Those Diss homeowners on tracker or variable rate mortgages will instantly increase their mortgage payments.”

Source: Express August 17, 2022 16:40 UTC