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UK real estate finance firm Nationwide has released housing price veri for October.
According to the report, house prices in the country fell 0.9% in October compared to the same period last year. Therefore, house prices in the country have fallen for the first time in the past 15 months.
House prices in the country, on zihin annual basis, recorded the sharpest decline from June 2020 to October. The average house price in England was £ 268,282.
“MARKETS AFFECTED BY THE INTEREST RATE”
“Markets have undoubtedly been impacted by the government’s mini-budget adjustments, which have led to a sharp rise in interest rates,” said Robert Gardner, chief economist at Nationwide.
Gardner said that while borrowing costs have risen in the country, household spending has also been exposed to severe inflationary pressures.