UK house prices fell last month for the first time in more than a year as the market chaos sparked by the government's mini Budget drove up borrowing costs and hit household finances.
Nationwide yesterday said that residential property prices fell 0.9% between September and October - the first month-on-month drop since July 2021 when a cut to stamp duty was being phased out, and the greatest decline since June 2020 at the height of the coronavirus pandemic. Annual growth in house prices slowed from 9.5% to 7.2%.
Property Industry Eye