House Prices and Interest Rates


House prices rose 0.9% in October, which was the biggest monthly rise for more than a year. It was the first time that house prices have increased since April and was the largest increase since March 2022.

This was a pleasant surprise, given that Analysts had expected prices to fall by 0.4%. The unexpected rise has been attributed by many to the lack of housing availability in the market.

Nicky Stevenson, managing director at estate agent group Fine & Country, said the recovery in house prices in October was boosted by a pause in interest rates in September.

In other good news, the Bank of England Monetary Policy Committee confirmed that interest rates will stay at 5.25%.

Mortgage brokers are anticipating an improvement in the fixed-deal mortgage rates. HSBC and Barclays have already reduced their fixed rates this week, and there could be further cuts from other lenders to come.

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