The Rightmove index released in September says house prices rose by just 0.7% in one month, while the Nationwide index showed prices had flatlined, with no change on average. There are other house price indexes to take into account as well - each of them offer different average figures. Latest figures from Land Registry data show the average UK house price was up 2% on a monthly basis in July 2022 and now stands at £292,118. Have you put your property dreams on hold after mortgage rates began rising? Let us know: prices fall as experts predict market has 'peaked' after mortgage costs rocket What rising mortgages could mean for house prices This now won’t happen - but mortgage rates are still climbing and have been going up since last December. Mr Kwarteng had announced plans to abolish the top tier 45% income tax rate after the move was criticised as only helping the 1% of workers who earn above £150,000. The markets now expect the Bank of England base rate to peak at around 5.25% to 5.5% in 2023, after the Chancellor was forced into a U-turn on one of his major Mini-Budget proposals.
More than 1,000 mortgage deals were pulled from the market as a result - with many now returning at a much higher rate. Lenders were spooked after analysts predicted that interest rates will rise to 6%, off the back of the pound falling to an all-time low against the US dollar. The property market was thrown into chaos after Chancellor Kwasi Kwarteng delivered his Mini-Budget last month - with mortgage rates rocketing as a result.
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