Annual UK house price growth halves as mortgage rates rise – business live

Annual house price growth across the UK has halved, according to lender Nationwide, as rising mortgage rates cool the market. This decline in growth is a significant indicator of the impact of higher interest rates on the housing market, which could have far-reaching consequences for the UK economy. The slowdown in house prices may also affect consumer spending and overall economic growth. As mortgage rates continue to rise, it remains to be seen how the UK housing market will adapt to these changes.

Why it matters

The UK housing market is showing signs of slowing down, with annual house price growth halving and prices falling in September. This could be due to rising mortgage rates, which are making it more expensive for people to buy homes.

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