UK house price growth fizzling out; ‘Elite North Korean hackers’ blamed for $6.3bn Binance hack – business live
Developing story first seen 2 hours ago
UK house price growth slowed to 0.5% in the year to October, its weakest annual rate since January 2024, as higher mortgage costs and economic uncertainty cooled demand. The figures suggest the housing market has lost momentum, with surveyors reporting weak buyer enquiries and households growing less confident.
Nationwide said average prices were unchanged month on month, compared with annual growth of 0.8% in September. Fixed-rate mortgages had risen to almost 6% on average, while expectations of Bank Rate increases and concerns about inflation added pressure. Nationwide’s chief economist said there could be further softness in the near term.
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In short
- Annual house price growth slowed to 0.5% in October.
- Prices were unchanged compared with September.
- Mortgage rates near 6% are weighing on demand.
How this story developed
- 49 minutes ago UK house price growth slowed to 0.5% in the year to October, its weakest annual rate since January 2024, as higher mortgage costs and economic uncertainty cooled demand.
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Only here: house, price, growth, fizzling, elite
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Explained simply
House prices are affected by how many people want to buy and what they can afford to borrow. Most buyers use a mortgage, so changes in interest rates can alter monthly repayments and influence how much they are willing to pay.
Nationwide is a building society that tracks house prices across the UK and publishes regular estimates. Its figures are one measure of the market, alongside reports from estate agents, surveyors and other lenders.
A slowdown matters to buyers, homeowners and sellers because it can affect affordability, the value of people’s homes and how quickly properties sell. Mortgage costs and confidence in the wider economy are among the factors that shape these decisions.
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