Economic Buzz: UK House Price Inflation Fall By 0.4% In October

7 Nov 2022 , 02:43 PM

UK house prices declined at the fastest pace since early 2021 amid rising cost of living coupled with stretched mortgage affordability weighing on the property market activity, data published by the Llyods Bank subsidiary Halifax showed. House prices were down 0.4 percent in October from September, when prices slid 0.1 percent. This was the second consecutive fall and the sharpest since February 2021. The latest fall has taken the typical property price to a five-month low of GBP292,598. The annual house price growth eased to 8.3 percent in October from 9.8 percent in the preceding period. Property price inflation among first-time buyers also weakened in October, with the annual price growth at 7.5 percent, down from 10.1 percent in September. Powered by Commodity Insights