Average asking prices for homes increased by 0.5% between Sept. 10 and Oct. 7 from the previous four weeks, well below the average increase for the period of 1.4%, Rightmove said.
Prices were down 0.8% compared with a year earlier and the number of agreed sales was down 17% in annual terms.
Other measures of Britain’s housing market – which boomed during the COVID-19 pandemic – have also cooled with the Royal Institution of Chartered Surveyors’ measure of house prices showing the most widespread falls since 2009 in September.
The Bank of England raised interest rates 14 times in a row between December 2021 and August this year, before pausing its increases in September.
Rightmove director Tim Bannister said the mortgage market was more stable after 11 weeks of falling mortgage rates and the number of buyers enquiring about each home for sale remained 8% higher than at the same time in 2019 before the pandemic.
Source: Economy - investing.com
