UK property market warned over 'gathering dark clouds' as house prices stall amid rising mortgage rates
Lloyds said the average UK home price stayed at £298,441 as buyers faced higher mortgage costs and a five-year fixed rate hit 6% for the first time in three years.
- On Wednesday, Lloyds Banking Group reported that UK house prices flatlined in September, recording 0.0% growth on both a monthly and an annual basis.
- Higher borrowing costs pressured demand, as the average five-year fixed homeowner mortgage rate reached the 6% mark on Monday for the first time in three years, Moneyfacts reported.
- Andrew Asaam, mortgages director at Lloyds, noted that property values remain resilient despite current economic pressures, with the average home valued at £298,441.
- Amy Reynolds, head of sales at Antony Roberts, said buyers remain active but cautious, while Nathan Emerson, chief executive at Propertymark, cited uncertainty surrounding the upcoming Budget.
- Confidence will shape demand for the remainder of this year as the market navigates persistent economic pressures and shifting base rate expectations, financial planners suggest.
8 Articles
8 Articles
The Independent
The Independent (US)UK property market warned over 'gathering dark clouds' as house prices stall
Mortgage rates are on the rise but house prices across the UK failed to grow last month
UK Lloyds House Prices Stagnate
UK house prices remained unchanged in September after falling for two straight months amid higher interest rate expectations, monthly data published by Lloyds Banking Group showed Wednesday. House prices were flat in September on a monthly basis, following a 0.3 percent fall in August and a 0.1 percent drop in July.
British house prices stabilized in September, after recording their first annual decline since 2023 in August. On a quarterly basis, prices fell by 0.2% under the pressure caused by higher mortgage interest rates. Andrew Assam, director of the mortgage department at Lloyd's, said on Wednesday: “The average price of a property is [...] The article The stability of house prices in Britain in September was written in the newspaper Al-Bursa.
Coverage Details
Bias Distribution
- 50% of the sources lean Left, 50% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
