UK house prices fall in October as borrowing costs rise
House prices fell last month for the first time in more than a year as the market upheaval sparked by the UK government’s “mini” Budget drove up borrowing costs and hit household finances.
Building society Nationwide on Tuesday said that house prices fell 0.9 per cent between September and October. That is the first such drop since July 2021, when a cut to stamp duty was being phased out, and the largest fall since June 2020 at the height of the coronavirus pandemic.
Annual growth in house prices slowed from 9.5 per cent to 7.2 per cent.
This story originally appeared on: Financial Times - Author:Delphine Strauss
