 Inflation is at a 40-year-high of 10.1% and the Bank of England base rate is at 2.25%. The Bank will meet this Thursday where analysts say they could hike interest rates to 3%. Robert Gardner, Nationwide chief economist, said: "October saw a sharp slowdown in annual house price growth, to 7.2% from 9.5% in September. "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." Cheapest time to run washing machine if you have a specific energy tariff Mr Gardner added: "The market looks set to slow in the coming quarters. "Inflation will remain high for some time yet and (the base){kind=link}
Property prices fell 0.9% compared to September to £268,282, according to Nationwide Building Society, the first monthly drop since July 2021 and also the biggest decrease since June 2020
UK house prices fell on a monthly basis for the first time in 15 months in October, according to Nationwide Building Society.
Property prices dropped 0.9% compared to September to £268,282.
This marks the first monthly drop since July 2021 and also the biggest decrease since June 2020.
On a yearly basis, annual house price growth slowed sharply from 9.5% in September to 7.2% in October.