Economic Buzz: UK house prices virtually flat compared year on year
Mumbai, Oct. 19 -- Rightmove stated that the average price of a newly listed home in UK rose by 1% in Oct-26 (+£3,575) to £371,015. However, prices are virtually flat compared with a year ago (-0.1%) showing that the market remains very price-sensitive. There are signs that soaring mortgage rates are now biting harder, with new sellers in more affordable and previously resilient parts of Great Britain setting lower asking prices as buyers face mounting affordability pressures. London asking prices rose by 2.5% this month, clawing back some of the 6.0% fall over the summer. However, prices remain 1.7% below last year, and wider data indicators suggest that this month's rise is not evidence of a broader recovery. The Budget is addin...
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