Nationwide says rising mortgage costs have squeezed buyers and left UK house prices unchanged in October. Nationwide reports prices were up just 0.5% YoY in October, the slowest pace since Jan 2024. Major mortgage rates have risen to about 6% from roughly 4.8% before the Iran conflict (c.+120bps), prompting some buyers to defer viewings. Nationwide chief economist Robert Gardner said market activity and price growth have slowed amid economic uncertainty, and that an Iran-driven energy shock has

Nationwide says rising mortgage costs have squeezed buyers and left UK house prices unchanged in October. Nationwide reports prices were up just 0.5% YoY in October, the slowest pace since Jan 2024. Major mortgage rates have risen to about 6% from roughly 4.8% before the Iran conflict (c.+120bps), prompting some buyers to defer viewings. Nationwide chief economist Robert Gardner said market activity and price growth have slowed amid economic uncertainty, and that an Iran-driven energy shock has heightened inflation concerns and pushed up market pricing for Bank of England rate hikes, exerting upward pressure on the market rates that underpin mortgage pricing.