Britain's red-hot housing market is showing signs of slowing down as rising mortgage rates hit demand. House prices rose by 0.9 per cent to a record £295,903 in August, according to the Office for National Statistics. It left house prices 13.6 per cent higher than in August last year, adding £36,000 to the value of an average home. Britain's red-hot housing market is showing signs of slowing down as rising mortgage rates hit demandThe figures are just the latest to suggest the housing market is slowing after a pandemic boom. More up-to-date house price indices paint a picture of a market running out of steam, with rising mortgage rates and the cost of living crisis cooling demand.'

Source: Daily Mail October 19, 2022 22:23 UTC