UK house prices fall after ‘significant shock’ of mini-budget

Halifax reports steepest monthly drop since February 2021 amid interest rate rises

UK house prices fell by 0.4% in October after Liz Truss's mini-budget drove a sudden rise in mortgage rates, the lender Halifax said.

The decline in the average price to 292,598 was the third in the past four months and the steepest since February 2021. The annual rate of growth in house prices slowed to 8.3% in October from 9.8% in September.