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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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.

Few surprises as chancellor uses low-key speech blaming ‘global economic storms’ for stoking energy prices and cost of living crisis

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John Healey raised taxes on banks and landlords to fund a £100 winter handout for 20 million families as official forecasts made clear there is no end in sight for the cost of living crisis.

In his first budget, the chancellor blamed “global economic storms” for the grim outlook, as the war in Iran drives up oil and gas prices.