UK house prices flatline as rising mortgage costs weigh on market
Summary
UK house prices stayed about the same in September, with an average cost of £298,441. Higher mortgage costs and economic worries are slowing down the housing market, even as some banks raise mortgage rates.Key Facts
- UK house prices were flat in September, showing no change from the previous month or the previous year.
- The average home price was £298,441, according to Lloyds’ housing price index.
- Mortgage rates have recently increased, with the average five-year fixed-rate mortgage reaching 6% for the first time in three years.
- Rising mortgage costs make it harder for new buyers and those refinancing their homes.
- Fewer people applied for mortgages to buy homes between July and September compared to the previous year.
- Mortgage applications for first-time buyers dropped by about 18.6% in the same period.
- Despite challenges, inquiries from potential buyers have increased to the highest levels since February.
- Economic issues like higher energy bills and Middle East conflict-related uncertainty add pressure to the housing market.
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