LONDON: Asking prices for British homes rose in October but there were signs that rising mortgage rates caused by the war in Iran were starting to weigh on affordability and more resilient parts of the market, property website Rightmove said on Monday.
Prices for property put on sale during Rightmove's October period — which runs from September 13 to October 10 — were 1.0 per cent higher than a month earlier, when they rose by 0.7 per cent.
The survey is not seasonally adjusted and asking prices typically rise each October. This year, the rise was smaller than the 1.3 per cent average for the month.
"It's an early sign that higher mortgage costs are putting pressure on affordability even in markets with lower property prices, affecting the areas and types of property that buyers can afford," Colleen Babcock, a property expert at Rightmove, said.
