UK house prices fall at steepest rate in more than three years
Summary
UK house prices fell 0.6% in October to an average of £296,285, their fourth monthly decline in a row and their sharpest monthly drop in more than three years. The article links the fall to high mortgage costs and economic uncertainty, and reports that prices were 1.2% lower than a year earlier.Key Facts
- October’s 0.6% monthly fall was the steepest since August 2023, when Lloyds recorded a 1.6% drop.
- The average price of a typical UK property was £296,285 in October.
- Prices fell for the fourth consecutive month.
- Annual house prices fell 1.2%, their largest year-on-year decline since October 2023.
- Analysts had forecast a 0.1% monthly increase.
- Moneyfacts reported average fixed mortgage rates of 5.97% for two years and 5.99% for five years.
- The Bank of England raised its base rate by a quarter of a percentage point to 4%, according to the article.
- Savills forecast that the UK housing market would not recover until 2028.
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