House price growth falls to lowest level since 2023 as buyers baulk at high mortgage rates

Prices have barely moved over the last four years and the typical home is worth only 2% more than it was in the summer of 2022.

US-based employers announced 33,429 job cuts in July – down 27% from the previous month and 46% lower than the same month last year, Challenger, Gray and Christmas said in a new report.

The average long-term U.S. mortgage rate rose for a fifth consecutive week to its highest level in just over a year, marking the latest strain for prospective homebuyers who are facing steep borrowing costs

Mortgage rates rise for 5th straight week, hitting levels not seen since 2025 for 2nd week in a row  AP News

Rising sales and a labor shortage are deterring job cuts. Jobless claims haven’t been this low since 1969.

Almost a third of first-time buyers are now considering using a tracker or variable rate mortgage to lower their monthly costs, according to Moneyfacts.

Mortgage rates rose to the highest level in over a year, causing total mortgage demand to drop below year-ago levels.

NATIONWIDE Building Society has become the first major lender to cut mortgage rates after weeks of increases across the market. The mutual has slashed rates by up to 19 basis points today. The cuts apply across its first-time buyer, home mover and remortgage ranges, with its lowest fixed rate falling to 4.52%. It comes

Experts say the rise isn't just about the higher cost of living.