UK house prices fall at steepest rate in more than three years
Source: The Guardian ·
October drop of 0.6% leaves average price of property at £296,285, says Lloyds, as high mortgage rates hit marketBusiness live – latest updatesUK house prices fell at the steepest rate in more than three years in October, marking the fourth consecutive monthly decline, as high mortgage rates hit the housing market.The average price of a typical UK property stood at £296,285 last month as prices…
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UK house prices fell at the steepest rate in more than three years in October, marking the fourth consecutive monthly decline, as high mortgage rates hit the housing market. The average price of a typical UK property stood at £296,285 last month as prices unexpectedly fell 0.6% compared with September, the steepest fall since the lender Lloyds recorded a 1.6% drop in August 2023. Analysts had expected a small monthly rise of 0.1%, which would have marked the first monthly increase since June. House prices were down 1.2% compared with the same month last year, the biggest annual fall since October 2023. “Housing demand is currently being tested by a challenging economic backdrop,” said Andrew Asaam, the mortgages director at Lloyds. “Renewed inflationary pressures, driven in part by the conflict in the Middle East, are keeping borrowing costs high and adding to the squeeze on household finances, making some buyers understandably more cautious.” Prospective buyers are facing…
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