UK house prices grow at slowest pace in two years as mortgage rates rise

UK house prices grow at slowest pace in two years as mortgage rates rise

Average price for property stands at £273,566 in October, flat on previous month, says Nationwide

UK house prices grew by an annual rate of just 0.5% in October, the slowest pace in more than two years, as higher mortgage rates put off potential buyers.

The average price for a property in the UK stood at £273,566 in October, flat on the previous month and down from 0.8% in the year to September, according to the lender Nationwide.

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