UK house prices have shown stagnation over the past year, with the average home costing £298,441 in September, according to Lloyds. This figure is almost unchanged from 12 months prior.
In London, property prices have seen a 1% year-on-year decline. Since 2021, prices in the capital have dropped by 15% in real terms, with prospects for recovery reportedly hampered by "stretched affordability."
The average cost of a five-year fixed-rate mortgage has now reached 6%. Globally, residential property prices across 23 cities analysed by UBS increased by an average of just 0.5% in real terms over the past 12 months.