Affluent Home Buyers Are Driving up Prices in Southern European Cities

The wait is over in Wales. For the first time in five quarters, home prices in the country have risen, reaching an average of £236,369 (US$303,701) in the second quarter. The nation saw 3.1% quarter-over-quarter property price growth at June’s conclusion, but home values still sit 5% below the peak of £249,000, which was achieved in December 2022. PropertyWire

Has stability returned to the U.K. property sector? According to the Bank of England, the nation saw 60,000 new mortgage approvals in June, nearly identical to the 60,100 approvals recorded in May, while the total lending secured rose, month over month, from £1.2 billion (US$1.5 billion) to £2.7 billion. The rate of approvals are at the strongest levels the U.K. has seen in a year and a half, and are coming despite interest rates sitting at a 16-year high. BNN Bloomberg

Hong Kongers appear content to wait out elevated interest rates. According to the Ratings and Valuation Department, the city’s rental index rose for the fourth consecutive month in June, by 0.2% to 189, while rental prices grew by 1.6% through the first half of the year, reaching a four-and-a-half year high. Whatever buyer enthusiasm was brought about by February’s stamp duty removal appears to have completely dissipated, with potential buyers sitting on the sidelines amid high mortgage rates. As a result, property prices in the city are tumbling, with the home price index falling 1.2% month over month in June, to 301.8, the lowest level since October 2016. South China Morning Post

Those looking to own a piece of architectural history have an opportunity in Kalamazoo, Michigan. The Robert D. & Winifred L. Winn House by the late Frank Lloyd Wright, perhaps America’s most famous architect, has hit the market for $1.85 million. The residence, which was built in 1950, bears much of Wright’s signature style, including an open floor plan, large windows, custom furniture, and more. Located in the planned community of Parkwyn Village, the home features three bedrooms, two and a half bathrooms, a patio and porch, a fireplace, and a glazed balcony, as well as views of Little Asylum Lake. designboom