Figures show sharp drop in house prices during October

The new Halifax house price index shows that the average price of a home in the UK experienced its most dramatic fall in more than a year and a half last month, which is being attributed at least in part to the shock caused by the mini-budget.

Average prices fell by 0.4% during the month, with this marking the third month where they have fallen out of the past four. By comparison, in September, the average UK house price fell by 0.1%. The steep fall in prices for last month is being blamed on a combination of the mini-budget proposals and a general slowdown following the post-COVID-19 rush.

When looked at on a regional basis, price inflation was lower in all UK regions except the Northeast during October. For London, the rate of house price inflation fell to 6.8% over the course of the month, while in Scotland it dropped to 7.5%, and in Northern Ireland it was 9.5%.

Speaking to Mortgage Strategy, the mortgages director at Halifax, Kim Kinnaird, stated that:

“While a post-pandemic slowdown was expected, there’s no doubt the housing market received a significant shock as a result of the mini-budget which saw a sudden acceleration in mortgage rate increases.”

She went on to add that it seemed likely that rates had reached their peak levels for the moment.

At a time when the housing market is fluctuating wildly, advice from someone with full CeMAP training is likely to be more essential to potential buyers than ever before.


House Sale

Related Posts

CeMAP Course Online pop up
Update cookies preferences