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UK House Prices Flat in September as Mortgage Crunch Eases

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UK house prices held up better than forecast in September as the recent surge in mortgage rates showed signs of easing.

Nationwide Building Society said average house prices were unchanged from August at £257,808 . Economists in a Bloomberg survey had predicted a drop of 0.4%. Prices fell 5.3% from a year earlier, the same pace as the previous month.

While borrowing rates on home loans have started to cool after jumping earlier in the summer, they are still at painfully high levels for Britain’s squeezed families. Bank of England data suggests that interest rates on new mortgages are more than triple their level in early 2022.

 

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