Average price for property stands at £273,566 in October, flat on previous month, says Nationwide

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UK house prices grew by an annual rate of just 0.5% in October, the slowest pace in more than two years, as higher mortgage rates put off potential buyers.

The average price for a property in the UK stood at £273,566 in October, flat on the previous month and down from 0.8% in the year to September, according to the lender Nationwide.

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© Photograph: scenicireland.com/Christopher Hill Photographic/Alamy

© Photograph: scenicireland.com/Christopher Hill Photographic/Alamy

© Photograph: scenicireland.com/Christopher Hill Photographic/Alamy

From a young chef and a single father to business owners and a pensioner, Guardian readers reveal how John Healey’s measures will affect them

• What the budget means for you

Louie, 24, a chef living in London, says a lot of people have “written off the idea of even considering getting a property” in their 20s.

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© Photograph: Graham Robinson

© Photograph: Graham Robinson

© Photograph: Graham Robinson

From a young chef and a single father to business owners and a pensioner, Guardian readers reveal how John Healey’s measures will affect them

• What the budget means for you

Louie, 24, a chef living in London, says a lot of people have “written off the idea of even considering getting a property” in their 20s.

Continue reading...

© Photograph: Graham Robinson

© Photograph: Graham Robinson

© Photograph: Graham Robinson

The trend marks a stark turn from earlier this decade, when sellers often received well above their asking price as home shoppers empowered by rock-bottom mortgage rates fueled a buying frenzy that sent home prices soaring.