UK house prices flatline as rising mortgage costs weigh on market
Source: The Guardian ·
Average cost of home in September was £298,441, says Lloyds – about the same as year earlier and in AugustBusiness live – latest updatesUK house prices flatlined in September, according to a leading index, as rising mortgage costs started to weigh on the market.The average cost of a home last month was £298,441, roughly the same as it was a year earlier and in the previous month, according to…
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UK house prices flatlined in September, according to a leading index, as rising mortgage costs started to weigh on the market. The average cost of a home was £298,441, roughly the same as it was a year earlier and in the previous month, according to the tracker from Lloyds previously known as the Halifax HPI. Economists polled by Reuters had predicted a 0.1% monthly rise in prices, according to the median forecast, as well as a 0.2% annual increase. It came after house prices fell by 0.3% in August, the first decline in three years, as prospective buyers were hit by geopolitical uncertainty, combined with higher mortgage rates and stretched affordability. In recent weeks most big banks and building societies have put prices up as a result of turmoil in the global bond markets, even though there has not been a change in the Bank of England base rate since December last year. Andrew Asaam, the mortgages director at Lloyds, said: “While the market overall has been fairly subdued,…