Thursday, December 8, 2022
- Advertisement -

UK house prices fall after ‘mini-budget’ turmoil – Nationwide

- Advertisement -spot_img
spot_img

EDITOR'S CHOICE

British house prices recorded their first monthly fall since July 2021 last month, mortgage lender Nationwide said on Tuesday, after the market was hit by turmoil during Prime Minister Liz Truss’s short-lived premiership.

Borrowing costs soared and many lenders temporarily stopped issuing loans after Truss’s 45 billion pound ($52 billion) unfunded package of tax cuts caused a fire sale of assets by pension funds that forced the Bank of England to stabilise the market.


Nationwide Building Society said house prices dropped by 0.9% in October after being unchanged in September, while they are 7.2% higher than a year earlier, slowing from September’s annual increase of 9.5%. Economists polled by Reuters had expected an annual increase of 8.3%

“The market has undoubtedly been impacted by the turmoil following the mini-Budget, which led to a sharp rise in market interest rates,” Nationwide chief economist Robert Gardner said.

Although Truss reversed many of her tax cut measures and sacked her finance minister, Kwasi Kwarteng, it proved too little to keep her in office and she was succeeded by Rishi Sunak as prime minister last week.


The monthly fall in house prices was the largest since June 2020, when the market was crimped by initial COVID-19 pandemic restrictions, while the annual rise was the weakest since April 2021.

House prices boomed in Britain and many other Western countries during the pandemic, as people sought more living space, but have since started to slow as rising consumer price inflation and higher official interest rates squeeze disposable income.

Secure Your Child’s Place at
DREAM BRIDGEMAN ACADEMY

Dream Bridgeman Academy is an international school in Yerevan deploying the Oxford International Curriculum under the supervision and evaluation of Oxford University Press.
It caters for children between the ages of 1.5 yrs to 6 yrs.
Book your tour and secure your place now.
Phone: +374 93 703005
www.bridgeman.am

spot_img
- Advertisement -spot_img
spot_img
- Advertisement -spot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Ara D. Kassabian CPA, based in Glendale, California, provides a full range of tax preparation, accounting and bookkeeping services, either in your facility or at our location. Making it quick and easy to file your taxes.

spot_img

Support Zartonk Daily

NEWSFEED

Pyro Drone is the leading source of professional FPV drone racing parts, gear, and accessories. We strive our best to deliver the latest and most reliable FPV gear available on the market. Bringing the highest quality at an affordable price, our flagship Hyperlite line is amongst the most competitive FPV drone racing parts in the industry. For FPV racing frames, motors, batteries, straps, and more - Pyro Drone is truly your one stop shop for all things in drone racing!

spot_img
spot_img