# Mini-budget’ fallout hits UK house prices in October – Halifax
Published: 2022-11-07
Category: Headlines
Category URL: https://business.express/category/headlines/
Meta Title: Mini Budget Fallout Hits Uk House Prices In October Halifax
URL: https://business.express/mini-budget-fallout-hits-uk-house-prices-in-october-halifax/

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qsmfaw001wwirgq3ggueqg/images/2022-11-07t075525z2lynxmpeia6069rtroptp4britain-economy-houseprices-1737028463554-compressed.jpg)

LONDON (Reuters) -British house prices fell in October at the fastest monthly rate since February 2021, a fresh sign of weakness in the housing market that reflects the fallout from the September “mini-budget”, mortgage lender Halifax said on Monday.

House prices dropped 0.4% month-on-month last month, after a 0.1% fall in September, Halifax said.

It said the slowdown was in part a consequence of the Sept. 23 economic agenda of former Prime Minister Liz Truss, known as the mini-budget, which sent British financial markets into a free-fall.

“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,” said Kim Kinnaird, director of Halifax Mortgages.

In annual terms, house prices were 8.3% higher in October, slowing from 9.8% in September.

(Reporting by Andy Bruce; editing by James Davey)


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---