Mortgage squeeze sends house prices plummeting, Halifax index shows - latest updates
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House prices fell 4.6% annually in August, the steepest decline since 2009 according to Halifax index. Average price now £279,569, down from £285,044 in July.
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Mortgage director Kim Kinnaird says market activity slowed in August due to pace of interest rate hikes in June/July. Buyers may be deferring purchases hoping for stability.
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Prices remain 17% above pre-pandemic levels. Falling house prices make it more affordable for first-time buyers.
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Asian stocks sank amid sustained inflation pressures in US. Dollar near highest since March against major peers.
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US stocks declined Wednesday as services sector grew faster than expected in August, sparking inflation and rate hike worries. S&P 500 fell 0.7%.