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UK mortgage demand drops to 32-month low as Iran war drives up borrowing costs

Average five-year fixed mortgage interest rate has hit 5.94%, its highest since October 2023, says Moneyfacts Demand for UK mortgages slumped to a 32-month low in August as buyers were deterred by rising costs linked to the war in Iran. Just 54,918 mortgages for new home purchase

The Guardian29 September 20262 days ago

UK mortgage demand drops to 32-month low as Iran war drives up borrowing costs

Average five-year fixed mortgage interest rate has hit 5.94%, its highest since October 2023, says Moneyfacts

Demand for UK mortgages slumped to a 32-month low in August as buyers were deterred by rising costs linked to the war in Iran.

Just 54,918 mortgages for new home purchases were approved in August, the Bank of England reported on Tuesday, the lowest monthly total since December 2023.

This summary is aggregated from The Guardian. Mckesson Finance UK does not claim ownership of this content. Read the full article on the publisher's website.

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