UK house-price growth slows as borrowing costs rise

Economy · First reported 30 Oct, 08:41 · Updated 09:46

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Nationwide reported that UK house prices were unchanged month to month in October, with annual growth slowing to 0.5%. The coverage links subdued activity to higher mortgage costs and buyer caution; one report also includes estimates of regional price falls and differences across local markets.

Nationwide put annual house-price growth at 0.5% in October, down from 0.8% in September; the average UK price was £273,566, unchanged from the previous month.
The reports connect higher borrowing costs and buyer caution with the slowdown; the Guardian report says the average five-year fixed mortgage rate reached 5.99% on Thursday.
Nationwide’s economist said near-term softness was likely; the Independent report also noted Zoopla estimates of price falls in some areas and rises in others.

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Key facts

Annual price growth: 0.5% in October, down from 0.8% in September.
Average UK price: £273,566 in October, unchanged from the previous month according to Nationwide.
Five-year fixed mortgage rate: Average rate was 5.99% on Thursday, according to Moneyfacts.
Homes in postcode areas with falling prices: Zoopla estimated 35%, up from 12% a year earlier.