Published • loading... • Updated
UK house prices post biggest annual fall since October 2023, Lloyds says
Higher mortgage rates and inflation are cooling demand, while Lloyds said 2.3 million fixed-rate deals are due to expire in 2027.
- House prices fell 1.2% annually in October, marking the steepest decline since 2023, according to Lloyds Banking Group. The average property price dropped to £296,285, down 0.6% from September.
- On Thursday, the Bank of England raised the base rate by 0.25 percentage points to 4%, the first increase in more than three years. Higher borrowing costs have deterred prospective buyers from moving.
- Some 2.3 million fixed-rate deals are due to expire in 2027, according to UK Finance analysis. Around 87% of outstanding homeowner mortgages are fixed rates, leaving many borrowers exposed to higher costs when refinancing.
- Andrew Asaam, mortgages director at Lloyds, said housing demand is "being tested by a challenging economic backdrop." Rising energy and household costs have compounded pressure on buyers' finances.
- Renewed inflationary pressures driven by conflict in the Middle East are keeping borrowing costs high. These factors squeeze household finances, making some buyers increasingly cautious about entering the market.
Insights by Ground AI
22 Articles
22 Articles
UK house prices post biggest annual fall since October 2023, Lloyds says
British house prices fell last month at the fastest annual pace since October 2023, data from mortgage lender Lloyds showed on Friday, adding to signs of waning momentum as surging mortgage costs caused by the Iran war squeezed prospective buyers.
·London, United Kingdom
Read Full Article
Evening Standard+3 Reposted by 3 other sources
Lloyds records biggest annual fall in UK house prices in three years
The average property value was £1,882 lower in October than in September, according to Lloyds’ index.
·London, United Kingdom
Read Full ArticleCoverage Details
Total News Sources22
Leaning Left2Leaning Right2Center5Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
L 22%
C 56%
R 22%
Factuality
To view factuality data please Upgrade to Premium
