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 fell by 0.9% to £268,282 last month compared with September, 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%. Continue reading...
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