FTSE 250 housebuilder Bellway has warned that recent rises to mortgage rates as a result of the Iran war are dampening demand for housing.

FTSE 250 housebuilder Bellway has warned that recent rises to mortgage rates as a result of the Iran war are dampening demand for housing.

The Newcastle-based company said recovery in the housing market could be slowed as a result of the challenges.

Rising oil and gas prices since the outbreak of the Iran war have pushed up mortgage rates - making house purchases more expensive for buyers.