House prices rise at slowest rate in years as Budget ‘fails to boost market’

House prices rose at their slowest rate since the start of 2024 in October, as property experts said the Budget failed to boost the UK’s beleaguered housing market. The average house price in the UK rose by 0.5 per cent this month to £273,566, according to Nationwide, slowed from 0.8 per cent growth last month and 1.6 per cent in August. The surging mortgage rates caused by the Iran war, combined with rising building costs and burdensome red tape, have bruised Britain’s housing market and the sector has criticised the government for its lack of support in the Budget. Property experts at Nationwide said expectations that the Bank of England is set to hike interest rates are putting pressure on the market, pushing up the cost of mortgages and causing prospective buyers to delay decisions. The Bank is under pressure to raise interest rates when it meets next week, and money markets have pencilled in as many as four rate hikes before summer next year. Robert Gardner, Nationw