House prices rose by 0.9% on average month-on-month in October – likely reflecting a constrained supply of properties for buyers to choose from – according to an index.
“There is little sign of forced selling, which would exert downward pressure on prices, as labour market conditions are solid and mortgage arrears are at historically low levels.“Despite signs that cost-of-living pressures are easing, with the rate of inflation now running below the rate of average earnings growth, consumer confidence remains weak and surveyors continue to report subdued levels of new buyer inquiries.
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “While interest rates appear to have peaked, those hoping rates will move swiftly downwards again to the rock-bottom levels of the recent past are likely to be disappointed.
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