House sales held steady in October, with the volume of transactions increasing by 2% month-on-month, according to HM Revenue and Customs figures. Mortgage lenders are offering 5.95% on average for a five-year fixed-rate deal. Mortgage rates jumped following the mini-budget and recent Bank of England base rate hikes are also pushing up borrowing costs. About 108,480 house sales took place in October (PA)Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, said: “Home completions sailed a steady course through October, but the looming storm is likely to sink sales. “October saw carnage unleashed in the mortgage market, but buyers, with much lower mortgages already in their back pocket, continued to plough on.

Source: The Herald November 22, 2022 23:23 UTC