UK house prices fall for first time since July 2021 following market turmoil

But house prices are still 7.2% higher than a year earlier

An estate agent's "For Sale" sign is pictured outside of a residential property in North Acton, west London. Britain's housing market was rocked by market turmoil following former prime minister Liz Truss's mini-budget. Photograph: Isabel Infantes/AFP via Getty Images

Tue Nov 01 2022 - 07:33

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.

House prices fell 0.9 per cent in October after being unchanged in September, while they are 7.2 per cent higher than a year earlier, slowing from the annual rise of 9.5 per cent seen in September, figures from Nationwide Building Society showed. - Reuters