According to the nationwide building society, prices dropped by 3.8% injuly the fastest annual pace in m years, and the biggest decline sincejuly 2009. nationwide also said mortgage costs hit the highest level for 15 years last month, as lenders grappled with inflation and uncertainty over rates set by the bank of england. a typical two year fixed mortgage rate is now 6.85%. the average price of a home in the uk is £260,828. that is down from a peak in august last year. affordability is a challenge for some buyers but should be welcomed by many first time buyers who had previously struggled to get into the market. let s cross live now to andy russell, who s the ceo of wealthify, a uk based consumer
The people want to leave, they said. confirmation from the french foreign minister that the evacuation in niger is now under way. we will return to that story in the next few minutes. now we have the business news. rising interest rates and costly inflation is hitting house prices in the uk. according to the nationwide building society, prices dropped by 3.8% injuly the fastest annual pace in m years, and the biggest decline sincejuly 2009. nationwide also said mortgage costs hit the highest level for 15 years last month, as lenders grappled with inflation and uncertainty over rates set by the bank of england. a typical two year fixed rate mortgage is now 6.85%. the average price
Rising interest rates and lofty inflation is hitting house prices in the uk. according to the nationwide building society, prices dropped by 3.8% injuly the fastest annual pace in ia years, and the biggest decline sincejuly 2009. nationwide also said mortgage costs hit the highest level for 15 years last month, as lenders grappled with inflation and uncertainty over rates set by the bank of england. a typical two year fixed mortgage rate is now 6.85%. the average price of a home in the uk is £260,828. that is down from a peak in august last year. affordability is a challenge for some buyers but should be welcomed by many first time buyers who had previously struggled to get into the market. let s cross live now to andy russell, who s the ceo of wealthify, a uk based consumer
Numbers tell the story. 3.8% fall in july alone, the fastest in 14 years and the biggest decline sincejuly 2009. as we approach an election year, this will be causing nervous in downing street? year, this will be causing nervous in downing street? yes, i think the headfine in downing street? yes, i think the headline inflation in downing street? yes, i think the headline inflation figure in downing street? yes, i think the headline inflation figure has - in downing street? yes, i think the headline inflation figure has been l headline inflation figure has been so high and that will be causing downing street concern. they will be wanting the monetary policy in the uk to bring that down and that alongside the goods and services inflation, they will one house price inflation, they will one house price inflation to come down at the same time. ~ . , , , , ~ time. what will buyers be thinking? are they taking time. what will buyers be thinking? are they taking a time. what will buy
Challenges around decarbonisation. just time to bring you another couple of business stories in the hour. uk house prices fell at their fastest annual pace for ia years injuly, according to nationwide. the building society said prices dropped by 3.8%, which is the biggest decline sincejuly 2009. it also warned that mortgage interest rates remain high, making affordability a challenge for house buyers. the german logistics and delivery company dhl has reported a fall in its revenue and earnings blamed on falling consumer demand, soaring inflation and high inventories driving down the volume of goods to be shipped. the company s shares fell 4% in early trading as the company reported a fall in revenue of i6%. manufacturing activity in the eurozone fell injuly at the fastest pace since the big squeeze of covid i9. that s despite many factories cutting their prices sharply. the figures are from hcob s purchasing manager s index, and show considerable weakness in germany, along with worryin