UK GDP report to show how Iran war hurt economy in March – business live

Rolling coverage of the latest economic and financial news, including the UK’s latest GDP report

The Iran war, and the resulting jump in borrowing costs, is dampening the UK housing market.

My colleague Tom Knowles reports:

Fears of higher mortgage rates and rising inflation as a result of the Middle East conflict are leading to a subdued and downbeat housing market, according to estate agents.

Demand from potential homebuyers across England and Wales has shown a “noticeable softening” recently, according to a monthly survey of estate agents by the Royal Institution of Chartered Surveyors (RICS).