Let’s not pretend the mini-budget is the sole cause of falling house prices | Nils Pratley

Script was set when interest rates started rising 11 months ago and slump has some way to go

The fallout from the mini-budget continued to impact the market," says Nationwide's chief economist, explaining the 1.4% decline in house prices in November.

There's never a wrong moment to kick Liz Truss and Kwasi Kwarteng's excursion into fantasy economics - and, yes, the shambles, and the spike in bond yields, will have been a factor. But let's not pretend that the mini-budget is the sole cause of falling house values, or that declines will be halted by the subsequent policy U-turn in the Treasury.