UK house price growth halves amid rising mortgage interest rates
UK house price growth has slowed significantly as rising mortgage rates and economic uncertainty dampen the market. Experts warn that inflation concerns and potential Bank of England rate hikes are putting further pressure on affordability.
Why it matters
The cooling housing market reflects broader economic instability and the direct impact of monetary policy on consumer borrowing costs.
Nationwide said there was ‘upward pressure on the market interest rates which underpin mortgage pricing’. Nationwide said there was ‘upward pressure on the market interest rates which underpin mortgage pricing’. House prices UK house price growth halves amid rising mortgage interest rates Prices fell by 0.2% month on month in September as average price of a home slipped to £274,251, says Nationwide
Prefer the Guardian on Google Annual house price growth halved in the UK last month, as economic uncertainty caused by conflict in the Middle East continued to deter homebuyers.
The average price of a British home rose 0.8% in the year to September to £274,251, according to Nationwide . That was half the rate recorded in August , when house prices grew 1.6% year on year. It also marked the slowest pace of home price growth since December last year.
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