www.mediafax.ro/economic/case-mai-ieftine-preturil

In October, UK house prices fell by 0.6%, marking the largest decline in three years. High mortgage rates, influenced by inflation from the Middle East conflict, are making buyers cautious. The average home price is now £296,285, continuing a four-month downward trend. Analysts had anticipated a slight increase instead. The annual decline of 1.2% is the steepest since October 2023. The Bank of England raised its base rate to 4%, the first increase in three years, contributing to rising borrowing costs. While prices are still increasing in Northern Ireland, Scotland, and Wales, they are decreasing in southern England, with London experiencing the largest annual drop at 3.1%. Rental prices, however, have risen by 2.9% over the past year, despite a 10% drop in demand for homes.