House prices drop at fastest rate since pandemic after mini-Budget chaos

Average house prices in the UK slipped 1.4% in November while mortgage demand halved according to Britain’s biggest society Nationwide.

While the annual rate of growth is down to 4.4%. The lender’s chief economist Robert Gardner said “the fallout from the mini-budget continued to impact the market.

"Fears about Kwarteng’s “Growth Plan” on public finances saw gilt yields soar and led to hundreds of mortgage deals being pulled. London agents say they were seeing demand return after the change in leadership but expect London prices to flat-line until a bounce back in the fourth quarter next year.