Housing prices in the UK have fallen for the first time in the last 15 months

According to the data of the British housing finance institution Nationwide, house prices in the country decreased by 0.9 percent in October compared to the same period last year.

Thus, housing prices in the country decreased for the first time in the last 15 months.

Housing prices in the country, on an annual basis, recorded the steepest decline since June 2020 in October. The average house price in England was £268,282.

"The markets were undoubtedly affected by the government's mini-budget adjustments, which led to a sharp rise in interest rates," said Nationwide Chief Economist Robert Gardner. used the phrase.

Gardner stated that while borrowing costs increased in the country, household expenditures were also exposed to high inflation pressure.