UK mortgage rates rise as war on Iran uncertainty hits housing market [HrhgDww6S0C]
In the United Kingdom, the war on Iran is contributing to rising mortgage rates, increasing pressure on the housing market—one of the key drivers of the British economy. The average two-year fixed mortgage rate has risen from 4.83% at the start of March to 5.66% now. Meanwhile, the average five-year fixed-rate mortgage has increased from 4.95% to 5.62%. This rise, combined with wider economic uncertainty linked to the conflict, is also affecting house prices. Lenders and estate agents report that prices fell by 0.6% in May—the fastest monthly decline in almost a year. They also predict that average UK house prices could fall by around 2% over the course of this year if conditions persist. Subscribe to our channel: Follow us on Twitter: Find us on Facebook: Check our website: Check out our Instagram page: Download AJE Mobile App: #UKHousing #MortgageRates #UKEconomy #InterestRates #HousingMarket #UKProperty #LondonHousing #BankOfEngland #RealEstateUK #EconomicOutlook #AlJazeeraEnglish