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UK mortgage demand falls to 32-month low as Iran war pushes up costs

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UK mortgage demand slumped to a 32-month low in August, with just 54,918 mortgages for new home purchases approved, as rising costs linked to the Iran war deterred buyers. The average five-year fixed mortgage rate hit 5.94%, its highest since October 2023, adding an average £1,800 a year to payments.

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UK mortgage demand falls to 32-month low as Iran war pushes up costs
Photo: The Guardian

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