UK house price growth cools as rate rises pinch
UK house price growth cooled in September, with the average cost of a home easing from an all-time high as a rise in borrowing costs reduced affordability, the mortgage provider Halifax said.
Prices fell 0.1 per cent between August and September, pushing the annual rate of growth to 9.9 per cent, from 11.4 per cent in the previous month, the lender said on Friday. The cost of a typical home edged down to £293,835, from the previous month’s record of £293,992.
House prices have been flat since June, compared with a rise of more than £10,000 during the previous quarter, “suggesting the housing market may have already entered a more sustained period of slower growth”, said Kim Kinnaird, director at Halifax Mortgages.
This story originally appeared on: Financial Times - Author:Valentina Romei
