UK house prices rose at the slowest rate for this time of year since the 2008 financial crash, according to new figures which showed the impact on the housing market of higher interest rates.
The average new asking price rose by 0.5% in the month to 7 October to £368,231, but it was the smallest post-summer bump since the 2008 crisis, according to property website Rightmove.
House prices dropped by 0.8% in the 12 months to early October as the lower activity fed through, Rightmove said, while the number of agreed house sales fell by 17% compared with a year earlier.
Tim Bannister at Rightmove said asking prices usually rise after the end of the summer holidays, but that the increase this year was “much more subdued” as sellers adjusted to the weaker market.
He said that estate agents were describing the market as “the most price-sensitive ever”.
The number of people enquiring about each property advertised on its website was still up by 8% on 2019, before the Covid-19 pandemic.