According to Nationwide Building Society, UK house prices have slowed down significantly in October. The average property price remained flat at £273,566, with annual growth slowing to 0.5%. This is the slowest growth rate in over two years. Mortgage rates have also breached the 6% threshold, making it more expensive for people to borrow money to buy a house.
UK house price growth slows to 0.5% as mortgage rates climb
UKPulse Property DeskThe average property price in the UK remained flat at £273,566 in October, with annual growth slowing to 0.5%. Mortgage rates have breached the 6% threshold.
- UK house prices increased by just 0.5% annually in October
- Mortgage rates have reached 6% for the first time in three years
Why this matters: The slowdown in house price growth and rising mortgage costs may make it harder for people to afford buying a house.
What this means for you: If you're planning to buy a house, be aware that higher mortgage rates and slower house price growth may make it more expensive for you to borrow money.