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Asking prices for UK homes barely rise in October, Rightmove says
  + stars: | 2024-10-21 | by ( ) www.cnbc.com   time to read: +1 min
Asking prices for British homes rose only marginally in October as more properties came onto the market, according a survey on Monday that also suggested some buyers were waiting for clarity on tax changes in the new government's upcoming budget. Asking prices rose by just 0.3% in October, well below their average for a 1.3% monthly increase for the month, property website Rightmove said. Overall activity in the property market remained strong, with buyer demand rising. "Despite a budget-shaped cloud on the horizon, the big picture still looks positive for the market heading into 2025. Mortgage lenders Halifax and Nationwide both reported rises in house prices in September.
Persons: Rightmove, Tim Bannister, Bannister Organizations: Bank of England, Nationwide Locations: London's Muswell Hill, London, Halifax
Homeowners on tracker mortgages, which follow the Bank's base rate, will be the first to benefit from the savings. Barclays , Santander, Metro Bank, Lloyds , Halifax, Nationwide and HSBC all cut repayments costs by 25 basis points shortly after the BOE's announcement. Those on standard variable rates, which typically take effect once a borrower's tracker or fixed rate deal ends, will also see savings. Given their more volatile nature, tracker and SVR mortgages remain a relatively niche part of the U.K. mortgage market. However, analysts suggest it may not be long until reductions feed through to the 6.93 million households on fixed rate mortgages.
Organizations: Bank of England, HSBC, Santander, Nationwide, Homeowners, Barclays, Metro Bank, Lloyds, Finance Locations: London's Muswell Hill, London, Halifax, Santander
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