Introduction: UK house prices fall after mini-budget shock
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
UK House Prices fell in October at the fastest rate since early last year, as the market was rocked by the fallout from the disastrous mini-budget.
The average House price fell by 0.4% in October, figures just released by the Halifax building society shows. That’s the sharpest fall on Halifax’s index since February 2021, following a 0.1% drop in September.
That pulls the annual rate of house price inflation down to 8.3% from 9.8%, and means the typical UK property now costs £292,598, down from £293,664 last month.
The market cooled as hopeful housebuyers saw mortgage rates surge, with lenders removing thousands of offers as the cost of borrowing rocketed. The average two-year fixed-rate home loan jumped over 6.5% in October, from below 5% before the mini-budget.
Average prices remain near record highs, but the recent period of rapid house price inflation may now be at an end, warns Kim Kinnaird, director at Halifax Mortgages.
Kinnaird explains that the surge in UK costs following former chancellor Kwasi Kwarteng’s package of unfunded (and now abandoned) tax cuts was a ‘significant shock’:
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.
While it is likely that those rates have peaked for now – following the reversal of previously announced fiscal measures – it appears that recent events have encouraged those with existing mortgages to look at their options, and some would-be homebuyers to take a pause.
Annual house price growth slowed in every region of England apart from the North East, and also slowed in Northern Ireland, Scotland, and Wales.
Halifax’s survey matches a similar report from Nationwide last week, which also showed a fall in house prices last month.
Many economists have predicted that house prices could fall by around 10% next year, as the UK falls into recession and households are squeezed hard by surging energy and food prices.
Kinnaird predicts a ‘much slower period for house prices’, as Kwarteng’s successor, Jeremy Hunt, prepares a package of hefty tax rises and spending cuts.
“Understandably we have also seen consumer caution grow, as industry data shows mortgage approvals and demand for borrowing declining. The rising cost of living coupled with already stretched mortgage affordability is expected to continue to weigh on activity levels.
With tax rises and spending cuts expected in the Autumn Statement, economic headwinds point to a much slower period for house prices.
The agenda
Kim Kinnaird, Director at Halifax Mortgages, says history shows that rising joblessness hits house prices.
","elementId":"cb82b24e-80e2-4c0b-9ff7-174365a1af94"},{"_type":"model.dotcomrendering.pageElements.BlockquoteBlockElement","html":"\n","elementId":"f2a79091-c014-48c3-8c1d-9450f3ca0404"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"“Currently joblessness remains historically low, but with growing expectations of the UK entering a recession, unemployment is expected to rise.
\nWhilst it may not spike to the same extent as seen in previous downturns, history tells us that how this picture develops in the coming months will be a key determinant of house price performance into next year and beyond.”
\n
Mike Scott, chief enalyst at national estate agency Yopa, agrees, adding:
","elementId":"ef55c38e-d2d8-42de-849e-d9c5feb729f9"},{"_type":"model.dotcomrendering.pageElements.BlockquoteBlockElement","html":"\n","elementId":"49fadb23-5cc1-4718-8a08-7b18d0c85124"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1667818723000,"blockCreatedOnDisplay":"10.58 GMT","blockLastUpdated":1667819030000,"blockLastUpdatedDisplay":"11.03 GMT","blockFirstPublished":1667819030000,"blockFirstPublishedDisplay":"11.03 GMT","blockFirstPublishedDisplayNoTimezone":"11.03","title":"Sharp rise in unemployment would push house prices down","contributors":[],"primaryDateLine":"Mon 7 Nov 2022 11.03 GMT","secondaryDateLine":"First published on Mon 7 Nov 2022 07.31 GMT"},{"id":"6368de848f088122dacd3002","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"A sharp rise in unemployment, particularly long-term unemployment, would both reduce the demand for buying a home and increase the supply due to forced sales from homeowners who could no longer afford their mortgage repayments. However, in other recent economic downturns the UK labour market has proved surprisingly resilient, so we do not expect such large increases in unemployment levels.
\nWe would also anticipate some kind of government action to assist homeowners who couldn’t keep up with their mortgage repayments. We therefore do not expect significant house price falls next year.
\n
The job cuts hitting the tech industry could deepen this week, with Facebook’s parent company, Meta, reportedly preparing to let thousands of workers go, my colleague Josh Taylor reports.
","elementId":"d3c9a4ac-faad-4dba-bb79-9bbda2db837a"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"On Sunday the Wall Street Journal reported that the cuts, to be announced on Wednesday, were expected to affect thousands of Meta’s 87,000 employees globally.
","elementId":"f2837038-22e7-4779-8238-6bb4713f2f39"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"Meta declined to confirm the report but a spokesperson pointed to comments made by the Meta chief executive, Mark Zuckerberg, late last month.
","elementId":"fcfb071b-2ccf-47ff-90ca-8f3383cb4629"},{"_type":"model.dotcomrendering.pageElements.BlockquoteBlockElement","html":"\n","elementId":"2cc5e3e4-503a-471e-938d-27fbf0668916"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"In 2023, we’re going to focus our investments on a small number of high-priority growth areas.
\nSo that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year.
\n
Here’s Josh’s story:
","elementId":"8cfed1af-e4a0-4a7d-8dfb-a1f81182b6ee"},{"_type":"model.dotcomrendering.pageElements.RichLinkBlockElement","url":"https://www.theguardian.com/technology/2022/nov/07/facebook-parent-meta-prepares-large-scale-layoffs-fire-thousands-jobs-reports","text":"Facebook’s parent Meta prepares to slash thousands of jobs – reports","prefix":"Related: ","role":"thumbnail","elementId":"ed43b3b3-ba7b-445f-9845-003f83827227"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"Elon Musk has shown the perils of sacking staff on mass, having laid off half of Twitter’s workforce on Friday.
","elementId":"4e3a9f97-d858-45c0-a1be-c28bb22c80dc"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"Twitter is now reaching out to dozens of employees who lost their jobs and asking them to return, realising they are needed to implement Musk’s plans….
","elementId":"46b9d552-b1ff-40da-a2f2-bb06f2ed2fda"},{"_type":"model.dotcomrendering.pageElements.TweetBlockElement","html":"\n","url":"https://twitter.com/MattNavarra/status/1589345067013378048","id":"1589345067013378048","hasMedia":false,"role":"inline","isThirdPartyTracking":false,"source":"Twitter","elementId":"16eb39ae-5b1e-4b19-b97f-99dde530a5d5"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"CONFIRMED: Twitter is now asking some fired workers to please come back
— Matt Navarra (@MattNavarra) November 6, 2022
- Some were laid off by mistake
- Some were let go before management realized their experience is needed to build new features Elon Musk is planning
FFS 😆 https://t.co/WKdtokWHoH
Rehiring staff isn’t as easy as firing them, though:
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worker who Twitter asked to return rejected the offer because they felt "used, and think they will be fired again soon." https://t.co/ARm22N7Bm4
— Matt Navarra (@MattNavarra) November 6, 2022
In the City, the UK-focused FTSE 250 index of medium-sized companies has started the new week on the front foot.
","elementId":"d00cfec7-d58a-4d5c-8059-606604b23d9e"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"The FTSE 250 index has jumped 1%, with airline Wizz Air up 5.7% following Ryanair’s surge in profits, and luxury carmaker Aston Martin up 12% to a five-week high.
","elementId":"a3aa759f-c983-4650-9e7b-dd18b07fdc5f"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"The bigger FTSE 100 index of blue-chip stocks is slightly lower, though. Retailers and supermarkets are rallying, but GSK is down 2.7% after its blood cancer drug Blenrep failed to prove it was better than an existing treatment on the market, in a late-stage study.
","elementId":"513356b4-e123-4d02-87d2-57941c679d0e"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"Victoria Scholar, Head of Investment, interactive investor says,
","elementId":"cf36bcc4-19f5-495d-93e7-499ff45433d9"},{"_type":"model.dotcomrendering.pageElements.BlockquoteBlockElement","html":"\n","elementId":"7d99ebea-0305-4c45-9e20-e3173a25c86f"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1667815086000,"blockCreatedOnDisplay":"09.58 GMT","blockLastUpdated":1667815507000,"blockLastUpdatedDisplay":"10.05 GMT","blockFirstPublished":1667815508000,"blockFirstPublishedDisplay":"10.05 GMT","blockFirstPublishedDisplayNoTimezone":"10.05","title":"FTSE 250 index up 1%","contributors":[],"primaryDateLine":"Mon 7 Nov 2022 11.03 GMT","secondaryDateLine":"First published on Mon 7 Nov 2022 07.31 GMT"},{"id":"6368cb308f08a3d08601dc45","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"“Coming off the back of the best week in almost two years, the FTSE 100 is trading lower this morning after hopes were dashed that China could be set to ease its strict zero-tolerance to Covid approach, pushing the miners into the red.
\nOil is also under pressure while gold has fallen from a three-week high.
\nThe travel and leisure sector is outperforming thanks to strong results from Ryanair while Flutter is trading at the top of the UK index after Fox ended its legal battle with the gambling company over FanDuel’s price. Despite disappointing trade data from China with annual exports declining for the first time since May 2020, the Hang Seng continues its ascent from Friday, rallying another almost 3%.
\n
Average UK house prices will fall between 5-10% over the next 12 to 18 months, predicts the EY ITEM Club.
","elementId":"7fb37971-7be6-460b-8527-fb48e219e72f"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"Martin Beck, their chief economic advisor, predicts the drop in house prices in October will be repeated in the coming months:
","elementId":"65b461c6-566f-46e0-92bb-93a12dd0bb0c"},{"_type":"model.dotcomrendering.pageElements.BlockquoteBlockElement","html":"\n","elementId":"c9ca3bb8-ce27-44e1-8d77-685a52def175"},{"_type":"model.dotcomrendering.pageElements.TweetBlockElement","html":"Although mortgage rates have retreated from the highs seen just after the mini-Budget, they remain elevated compared to early-mid September. For example, the current standard variable rate on a Halifax mortgage is 5.74%, compared to 3.74% pre-mini-Budget.
\nHouse prices are still very high on most metrics with average property prices having risen more than £22,000 in the past 12 months, and by almost £60,000, or just over a quarter, over the last three years.
\nCost of living pressures remain significant, and household incomes face an added challenge due to tax rises and public spending restraint in November’s Autumn Statement, while consumer confidence remains depressed.
\n
\n","url":"https://twitter.com/spreadexfins/status/1589513267713556485","id":"1589513267713556485","hasMedia":false,"role":"inline","isThirdPartyTracking":false,"source":"Twitter","elementId":"688aac9a-fddb-489f-ad42-341fe6cbade1"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1667812144000,"blockCreatedOnDisplay":"09.09 GMT","blockLastUpdated":1667817226000,"blockLastUpdatedDisplay":"10.33 GMT","blockFirstPublished":1667812323000,"blockFirstPublishedDisplay":"09.12 GMT","blockFirstPublishedDisplayNoTimezone":"09.12","title":"Halifax survey shows \"house prices are on the turn\"","contributors":[],"primaryDateLine":"Mon 7 Nov 2022 11.03 GMT","secondaryDateLine":"First published on Mon 7 Nov 2022 07.31 GMT"},{"id":"6368c7458f08a3d08601dc33","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"UK House Price Index UK (Halifax) announcement - Actual: -0.4%, Expected: pic.twitter.com/GTzoMZwHLV
— Spreadex Trading (@spreadexfins) November 7, 2022
The “growing affordability hurdle” is stopping the UK’s runaway housing market in its tracks, warns Myron Jobson, senior personal finance analyst at interactive investor.
","elementId":"678bfae3-40b1-4276-a248-0fd215676914"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"Jobson explains that rising interest rates and the cost-of-living crunch are hitting buying activity and purchase prices, leading to the 0.4% drop in house prices month-on-month in October.
","elementId":"7a5b18b7-c5b0-42cf-98b3-5198863fd90c"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"And he fears this affordability problem will get worse:
","elementId":"0e63581e-5147-4a25-b433-4d0c8b4fe259"},{"_type":"model.dotcomrendering.pageElements.BlockquoteBlockElement","html":"\n","elementId":"6838a99c-e161-4f90-8e43-8c5d0ef5054b"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"“Soaring mortgage rates have become a particular pain point for buyers. The housing market was buffeted by the mortgage market turmoil last month in the aftermath of the ill-fated mini-Budget, which sent rates soaring and lead to the withdrawal of some products temporarily from the market.
\nThis has pushed many wannabe homeowners to the sidelines. While the mortgage marketplace is on a sturdier footing, the likelihood of further interest rate rise to rein in rampant inflation means things could get worse before they get better from an affordability perspective for buyers.
\n
It’s a particularly rough time for first-time buyers, Jobson adds:
","elementId":"63b2faf8-f187-4af6-8b02-a17ff6fd2a49"},{"_type":"model.dotcomrendering.pageElements.BlockquoteBlockElement","html":"\n","elementId":"ab4abee7-7c6e-45b5-8bef-dbaa7ded5db3"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1667811141000,"blockCreatedOnDisplay":"08.52 GMT","blockLastUpdated":1667811500000,"blockLastUpdatedDisplay":"08.58 GMT","blockFirstPublished":1667811500000,"blockFirstPublishedDisplay":"08.58 GMT","blockFirstPublishedDisplayNoTimezone":"08.58","title":"House prices fall as 'affordability hurdle' rises","contributors":[],"primaryDateLine":"Mon 7 Nov 2022 11.03 GMT","secondaryDateLine":"First published on Mon 7 Nov 2022 07.31 GMT"},{"id":"6368bf838f084995473a9be2","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"Both home prices remains high compared to yesteryear and mortgage rates have risen, while soaring inflation is eating into disposable incomes - making it harder to save for a deposit.
\n
China has suffered its first contraction in international trade since May 2020, early in the pandemic, in a sign that the global economy is slowing.
","elementId":"e716420e-9ce4-499f-8bf3-d5e2c7e3a54b"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"Exports and imports unexpectedly contracted in October, as Chinese firms were hit by Covid-19 curbs at home and the global slowdown.
","elementId":"3b6a56c7-7a24-44a6-9824-cc3fce85ac3a"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"Exports fell by 0.3% year-on-year, a stark reversal on the 5.7% growth in September, and the biggest drop since May 2020. Economists had expected a small slowdown, to 4.3% growth.
","elementId":"fb0c02bd-5aba-4627-98fe-6dd95cc8eb11"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"This tumble in exports comes as the energy crisis threatens to push Europe into recession, while the UK economy could also already be shrinking.
","elementId":"940d7033-0678-4b9c-910f-a0c297c79454"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"Inports of goods fell 0.7%, suggesting China’s domestic economy was fragile.
","elementId":"3b2a59af-051c-40a1-b5a5-bd81124982d6"},{"_type":"model.dotcomrendering.pageElements.TweetBlockElement","html":"\n","url":"https://twitter.com/brynstole/status/1589529180206776320","id":"1589529180206776320","hasMedia":false,"role":"inline","isThirdPartyTracking":false,"source":"Twitter","elementId":"32f209b6-abd9-404c-ad23-2969c2216453"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"SINGAPORE—China’s exports to the rest of the world shrank unexpectedly in October, a big sign that global trade is in sharp retreat as consumers and businesses cut back spending in response to central banks’ aggressive moves to tame inflation. https://t.co/CmgKlAvLSf
— Bryn Stole (@brynstole) November 7, 2022
Exports to Europe (-9% year-on-year) and to the US (-13% y/y) both fell, but there was an annual rise in shipments to Southeast Asia.
","elementId":"cd42356f-2ea7-43b8-9f8f-3529d599733f"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"Zhang Zhiwei, president and chief economist of Pinpoint Asset Management, explains (via Bloomberg):
","elementId":"fec55b04-67a7-4c3b-8180-b13d2b466e25"},{"_type":"model.dotcomrendering.pageElements.BlockquoteBlockElement","html":"\n","elementId":"3d5254a4-bf71-4ace-8cc7-6ada8f3aae19"},{"_type":"model.dotcomrendering.pageElements.TweetBlockElement","html":"“The weak export growth likely reflects both poor external demand as well as the supply disruptions due to Covid outbreaks.
\n“I expect export growth to remain weak in the next few months as the global economy slows.”
\n
\n","url":"https://twitter.com/business/status/1589467942986694656","id":"1589467942986694656","hasMedia":false,"role":"inline","isThirdPartyTracking":false,"source":"Twitter","elementId":"c95d4356-7a43-45a6-94b7-93ed3d9855c4"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"China’s exports growth has fallen for the first time in more than two years in October, as demand weakens on rising risks of a global recession https://t.co/9gjY4JULvB
— Bloomberg (@business) November 7, 2022
Iris Pang of ING says:
","elementId":"2f3c436e-5051-4f78-aaee-edd16582670a"},{"_type":"model.dotcomrendering.pageElements.BlockquoteBlockElement","html":"\n","elementId":"43d4f0a9-76a7-4f4a-a3a7-06d61580710e"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1667809155000,"blockCreatedOnDisplay":"08.19 GMT","blockLastUpdated":1667810183000,"blockLastUpdatedDisplay":"08.36 GMT","blockFirstPublished":1667810183000,"blockFirstPublishedDisplay":"08.36 GMT","blockFirstPublishedDisplayNoTimezone":"08.36","title":"China's trade unexpectedly shrinks as demand slows","contributors":[],"primaryDateLine":"Mon 7 Nov 2022 11.03 GMT","secondaryDateLine":"First published on Mon 7 Nov 2022 07.31 GMT"},{"id":"6368aa7d8f08724ddafac1ae","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"Covid cases started to climb in October but have affected factory activity only slightly, and there were no cases found in ports. So we can rule out shipment delays as a factor in the contraction.
\nInflation in Europe and the US continued to be high, which could be a factor. Slower imports of electronic products paint a similar picture.
\nIf this is the reason for the contraction in China’s international trade in October then we should expect the contraction to continue as our economists covering Europe and the US project a recession in these two economies.
\n
Apple is warning customers they’ll have to wait longer to get its latest iPhone models after anti-virus restrictions were imposed on a contractor’s factory in central China.
","elementId":"d905362c-65fb-49ad-aeda-2a7d744550a0"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"The company announcement on Sunday gave no details but said the factory operated by Foxconn in the central city of Zhengzhou is “operating at significantly reduced capacity.”
","elementId":"8f285cbe-1d76-4355-a932-9de84718bd54"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"Apple said:
","elementId":"cf75d0c6-45e5-4dd6-b7e3-631599b73831"},{"_type":"model.dotcomrendering.pageElements.BlockquoteBlockElement","html":"\n","elementId":"7e8fcbac-3acb-4933-8e4c-09baef76f711"},{"_type":"model.dotcomrendering.pageElements.RichLinkBlockElement","url":"https://www.theguardian.com/technology/2022/nov/07/apple-warns-iphone-shipments-will-be-delayed-due-to-covid-restrictions-at-foxconn-plant","text":"Apple warns iPhone shipments will be delayed due to Covid restrictions at Foxconn plant","prefix":"Related: ","role":"thumbnail","elementId":"88856717-093c-4db1-96a3-59bf96c1bff2"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"“We now expect lower iPhone 14 Pro and iPhone 14 Pro Max shipments than we previously anticipated. Customers will experience longer wait times to receive their new products.”
\n
Last week, Chinese authorities announced a seven-day coronavirus lockdown in the area around Foxconn’s plant – the world’s largest iPhone factory – as China continues with its ‘zero-Covid’ policy.
","elementId":"013e04f5-9ba8-4d5d-8e99-a9e9ea76f4ea"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1667806316000,"blockCreatedOnDisplay":"07.31 GMT","blockLastUpdated":1667809149000,"blockLastUpdatedDisplay":"08.19 GMT","blockFirstPublished":1667809149000,"blockFirstPublishedDisplay":"08.19 GMT","blockFirstPublishedDisplayNoTimezone":"08.19","title":"Apple warns of iPhone shipments delays due to Covid restrictions","contributors":[],"primaryDateLine":"Mon 7 Nov 2022 11.03 GMT","secondaryDateLine":"First published on Mon 7 Nov 2022 07.31 GMT"},{"id":"6368b1b88f08724ddafac1ce","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"Property price inflation weakened across all buyer types during October, led by first-time buyers.
","elementId":"58ac3f6f-8b44-4cfe-90bb-8d5e815e9b4b"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"People taking their first step on the housing ladder paid 7.5% more than a year ago for their property, on average, sharply down on 10.1% in September.
","elementId":"cad63a60-b16e-493e-adfb-f82c98f5a5dd"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"Annual price growth among existing homemovers fell to +8.9% from +10.3%.
","elementId":"18b7aed1-5d0f-4bd0-b342-02306e24d0f0"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"The relatively faster slowdown in prices for first-time buyers is not surprising, Halifax says, given the challenge raising a deposit in the current economic slowdown, and tighter requirements for higher loan-to-value mortgages.
","elementId":"bbd5d5a5-b704-4c9d-aae6-9b2295c39b90"},{"_type":"model.dotcomrendering.pageElements.TweetBlockElement","html":"\n","url":"https://twitter.com/emmafildes/status/1589515673256202242?ref_src=twsrc%5Etfw","id":"1589515673256202242","hasMedia":false,"role":"inline","isThirdPartyTracking":false,"source":"Twitter","elementId":"c98073d0-fa1b-42e8-9bdf-d6f65d975706"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1667806316000,"blockCreatedOnDisplay":"07.31 GMT","blockLastUpdated":1667816483000,"blockLastUpdatedDisplay":"10.21 GMT","blockFirstPublished":1667806806000,"blockFirstPublishedDisplay":"07.40 GMT","blockFirstPublishedDisplayNoTimezone":"07.40","title":"First-time buyers drive house price slowdown","contributors":[],"primaryDateLine":"Mon 7 Nov 2022 11.03 GMT","secondaryDateLine":"First published on Mon 7 Nov 2022 07.31 GMT"},{"id":"6368a3ec8f08724ddafac192","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"AVG house growth goes into reverse. Reducing to 8.3% whilst AVG house prices fall - 0.4 to £292,598 in Oct. First time buyers thou are hit the most as they struggle to get into ‘funding’ gear with annual growth falling to +7.5% in October from +10.1% in September @HalifaxBank pic.twitter.com/qQKJdZ4knI
— Emma Fildes (@emmafildes) November 7, 2022
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
","elementId":"fac59e35-a177-43e4-aa00-ed47def34dbe"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"UK house prices fell in October at the fastest rate since early last year, as the market was rocked by the fallout from the disastrous mini-budget.
","elementId":"003a00db-1df8-4694-9dec-0a9c39ba86d8"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"The average house price fell by 0.4% in October, figures just released by the Halifax building society shows. That’s the sharpest fall on Halifax’s index since February 2021, following a 0.1% drop in September.
","elementId":"2b753c02-12be-4341-ab79-3e12686805d2"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"That pulls the annual rate of house price inflation down to 8.3% from 9.8%, and means the typical UK property now costs £292,598, down from £293,664 last month.
","elementId":"52bc4b51-cb81-4bf6-97bf-dc284ad59855"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"The market cooled as hopeful housebuyers saw mortgage rates surge, with lenders removing thousands of offers as the cost of borrowing rocketed. The average two-year fixed-rate home loan jumped over 6.5% in October, from below 5% before the mini-budget.
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