Asking prices of UK homes show smallest October rise since 2008 By Reuters

© Reuters. FILE PHOTO: Painted rows of homes are seen in Bristol, Britain, August 11, 2023. REUTERS/Toby Melville/File Picture

LONDON (Reuters) – Asking costs for properties in Britain have risen at their slowest tempo for the time of yr since 2008, property web site Rightmove (OTC:) stated on Monday in a contemporary signal of how the climb in borrowing prices has slowed the housing market.

Common asking costs for properties elevated by 0.5% between Sept. 10 and Oct. 7 from the earlier 4 weeks, effectively beneath the common enhance for the interval of 1.4%, Rightmove stated.

Costs had been down 0.8% in contrast with a yr earlier and the variety of agreed gross sales was down 17% in annual phrases.

Different measures of Britain’s housing market – which boomed in the course of the COVID-19 pandemic – have additionally cooled with the Royal Establishment of Chartered Surveyors’ measure of home costs displaying probably the most widespread falls since 2009 in September.

The Financial institution of England raised rates of interest 14 occasions in a row between December 2021 and August this yr, earlier than pausing its will increase in September.

Rightmove director Tim Bannister stated the mortgage market was extra secure after 11 weeks of falling mortgage charges and the variety of patrons enquiring about every dwelling on the market remained 8% larger than on the similar time in 2019 earlier than the pandemic.