![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/uk-house-prices-fall-after-mini-budget-turmoil/&media=https://uknews.evprotec.com/wp-content/uploads/2022/11/VP-GRAPH-HOUSE-PRICES-OFF-PLATFORM.jpg&description=HOUSE prices fell in September following the fallout from Kwasi Kwarteng's mini-Budget. Across the UK, house prices fell by 0.9% in October, according to the figures from Nationwide. House prices are declining, according to figures released by Nationwide The annual rate of house price growth also slowed to 7.2% in October down from 9.5% in September. A typical UK property now costs £268,282, according to Nationwide's index - down from £272,259 in September. The news comes after mortgage rates hit a 14-year high last month. Mortgage rates rose substantially as the number of deals on the market nosedived following Kwasi Kwarteng's mini-Budget last month. The fall-out from the mini-Budget led sent the pound plummeting against the dollar to a low of $1.03 on September 26. And it led the Bank of England to warn that interest rates would rise to 6% next year. The average two-year-fixed mortgage rate hit a 14-year high on October 20 at 6.65%. And average five-year fixed mortgage rate peaked at 6.51% last month. Commenting on the house price figures, Robert Gardner, Nationwide's chief economist, said: "October saw a sharp slowdown in annual house price growth, to 7.2% from 9.5% in September. "Prices fell by 0.9% month-on-month, after taking account of seasonal effects, the first such fall since July 2021 and the largest since June 2020. 'The market has undoubtedly been impacted by the turmoil following 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. Stamp duty cuts, housing shortages, rising interest rates and higher mortgage borrowing costs are likely to lead to "downward pressures" on house prices in the months ahead. But Rightmove's latest House Price Index suggests that the average price of properties coming to the market rose by 0.9% in October. And figures from Rightmove suggest that the average ho){kind=link}
HOUSE prices fell in September following the fallout from Kwasi Kwarteng’s mini-Budget.
Across the UK, house prices fell by 0.9% in October, according to the figures from Nationwide.
The annual rate of house price growth also slowed to 7.2% in October down from 9.5% in September.
A typical UK property now costs £268,282, according to Nationwide’s index – down from £272,259 in September.
The news comes after mortgage rates hit a 14-year high last month.