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UK house prices drop 0.5% in March as the Iran war impacts demand and drives up mortgage rates, reversing previous gains and raising inflation concerns. The average property price now stands at £299,677.
Homeowners in the UK are bracing for increased mortgage costs as the Bank of England warns of economic fallout from the Iran conflict. Over 5 million households may feel the impact by 2028.
Homeowners face a staggering rise in mortgage costs, with annual payments up by £788 in just two weeks. The surge follows escalating tensions in the Iran conflict and is pushing rates to their highest levels since last year.
The UK mortgage market faces unprecedented turmoil as rates surge above 5%, the highest since August. With more products disappearing, borrowers are in a tight spot just as hopes for rate cuts fade.
