By - Manu Shankar
- The percentage of first-time buyers witnessed an 11% increase compared to the same period in 2019.
- Rightmove concluded that the average asking prices jumped by 0.2% over the month.
As the rising cost of living and inflation continued to bite the commoner, many home buyers struggled to keep up with their mortgages. To make matters worse, the increasing mortgage prices too affected the housing market. As it stands, the average cost of a two-year fixed-rate deal stands at 4.56% today.
This resulted in many homebuyers putting off their buying plans for a later stage. But now, according to a survey from the property website Rightmove, the average housing prices in the UK in April reached a record hit of £366,247. This signals a more subdued momentum in the property market as they return to pre-pandemic levels.
In fact, the percentage of first-time buyers witnessed an 11% increase compared to the same period in 2019. The Rightmove survey found that the asking prices in the UK have jumped by 0.2% over the month.
With the rents rising, several first-time buyers are considering jumping into the property ladder despite higher mortgage rates pushing up the borrowing costs. Rightmove feels that the sellers are now taking note of the economic headwinds and buyers' appetite to explore new homes. Experts think prospective buyers shouldn't wait too long to inquire if they see the right home for sale.
Amid this, let's explore three FTSE-100 stocks and see how they are faring today.
Taylor Wimpey Plc (LON: TW.)
Taylor Wimpey Plc is one of Britain's largest home construction firms. The FTSE-100 constituent held a market cap of £ 4,321.38 million, and its share price has witnessed a depreciation of -7.08% over the past year as of 24 April 2023. The TW. stock on Monday was trading at GBX 122.30 and was down by -0.04% with an EPS of 0.06.
Persimmon Plc (LON: PSN)
The British housebuilding company Persimmon Plc on 24 April 2023, was trading at GBX 1258.50 and was up by 0.32% at the time of writing. The PSN stock was enjoying a market cap of £ 4,006.84 million with an EPS of 2.47. The PSN stock has given its investors negative returns of -43.21% over the past year and 3.37% on a YTD basis.
Barratt Developments PLC (LON: BDEV)
One of the leading house builders in the UK, Barratt Developments Plc, holds a market cap of £4,741.84 million. The FTSE-100 constituent was seen trading at GBX 481.30 and was down by -0.10% on 24 April 2023. Barratt developments have given its shareholders returns of 21.65% and -6.89% on a YTD basis and one-year basis. BDEV had a Turnover (on book) of £479,583.63 with an EPS of 0.51.