House prices slump as Iran war and interest rates hit demand

Petrol prices are highly likely to reach 160p as the impact of the Iran war continues, with diesel costs also rising. Simultaneously, house prices slumped in July as the Iran war and higher interest rates squeezed demand and slowed sales. Annual house price growth decreased to 1.8 per cent from 2.2 per cent the previous month. Average house prices remained broadly flat month on month, increasing by only £58 to reach a total of £277,542.