House prices suffered their biggest fall in more than three years in October, with buyers' confidence now in danger of slumping lower after Thursday's interest rate hike. The average house price in the UK fell by 1.2 per cent to £296,285 in the 12 months to October, according to the Lloyds house price index.
House prices suffer biggest drop in over three years
UKPulse Money DeskThe average house price in the UK fell by 1.2 per cent to £296,285 in the 12 months to October, according to the Lloyds house price index.
- House prices suffered their biggest fall in more than three years in October
- The average house price in the UK fell by 1.2 per cent to £296,285 in the 12 months to October
Why this matters: The Bank of England's decision to hike interest rates this week will only worsen the outlook facing buyers and sellers.
What this means for you: Buyers may be more cautious due to renewed inflationary pressures and high borrowing costs.