UK house prices rise 0.5% annually in October to £273,566
Business
UK house prices are almost at a standstill, growing by an annual rate of just 0.5% in October, the slowest growth in over two years.
The average home still costs £273,566, but higher mortgage rates and tougher borrowing conditions are making it harder for people, especially first-time buyers, to get on the property ladder.
Five-year fixed mortgages average 5.99%
Five-year fixed mortgages now average 5.99%, with two-year deals close behind.
Even though the Bank of England hasn't raised its base rate since last year, market jitters have pushed borrowing costs up.
Experts warn that these high rates could outweigh government help for buyers, and some think house prices may need to drop further before things pick up again.