"UK house prices fall for first time in 15 months after Liz Truss mini-budget
Average price of a property drops to £268,282 in October as interest rate rises hit affordability
UK house prices fell for the first time in more than a year in October, as the Liz Truss government’s mini-budget wreaked havoc on the housing market, pushing mortgage rates sharply higher.
The average price of a property was down by 0.9% compared with September, to £268,282, according to Nationwide building society’s latest monthly report, the first snapshot of a tumultuous period. This was the first fall since July 2021 and the largest since June 2020. The annual growth rate slowed sharply from 9.5% to 7.2%.
Robert Gardner, the Nationwide chief economist, said: “The market has undoubtedly been impacted by the turmoil after the mini-budget, which led to a sharp rise in market interest rates. Higher borrowing costs have added to stretched housing affordability at a time when household finances are already under pressure from high inflation.”"
https://www.theguardian.com/money/20...budget-october
Looks like I've called peak of the housing market
Average price of a property drops to £268,282 in October as interest rate rises hit affordability
UK house prices fell for the first time in more than a year in October, as the Liz Truss government’s mini-budget wreaked havoc on the housing market, pushing mortgage rates sharply higher.
The average price of a property was down by 0.9% compared with September, to £268,282, according to Nationwide building society’s latest monthly report, the first snapshot of a tumultuous period. This was the first fall since July 2021 and the largest since June 2020. The annual growth rate slowed sharply from 9.5% to 7.2%.
Robert Gardner, the Nationwide chief economist, said: “The market has undoubtedly been impacted by the turmoil after the mini-budget, which led to a sharp rise in market interest rates. Higher borrowing costs have added to stretched housing affordability at a time when household finances are already under pressure from high inflation.”"
https://www.theguardian.com/money/20...budget-october
Looks like I've called peak of the housing market
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