UK house prices grow at slowest pace in two years as mortgage rates rise
Source: The Guardian ·
Sluggish growth of 0.5% in October comes as higher borrowing costs put break on marketUK house prices grew by an annual rate of just 0.5% in October, the slowest pace in more than two years, as higher mortgage rates put off potential buyers.The average price for a property in the UK stood at £273,566 in October, flat on the previous month and down from 0.8% in the year to September, according to…
From the source
UK house prices grew by an annual rate of just 0.5% in October, the slowest pace in more than two years, as higher mortgage rates put off potential buyers. The average price for a property in the UK stood at £273,566 in October, flat on the previous month and down from 0.8% in the year to September, according to the lender Nationwide. The slowdown in the market comes as buyers face higher borrowing costs. This month the average cost of a five-year fixed-rate mortgage hit the 6% barrier for the first time in three years. The average stood at 5.99% on Thursday, according to the financial information provider Moneyfacts, while the average two-year rate was not far behind at 5.97%. There has been no change in the Bank of England base rate since last December but volatility in the bond market has driven up the swap rates that influence the pricing of fixed-rate mortgages. While the Bank of England has kept its key interest rate on hold at 3.75%, expectations are growing that next week the…
BestAIBroker analysis
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