UK House Prices Reach New High in October Despite Economic Turmoil
House prices in the UK hit a new record high in October despite the continuing uncertainties in interest rates following financial turmoil triggered by the government’s mini-budget.
Britain’s housing market had already been showing signs of cooling after a more than 20 percent surge in prices since the start of the COVID-19 pandemic as the cost of living rose and the Bank of England steadily increased interest rates.
But former Chancellor Kwasi Kwarteng’s mini-budget, which included £45 billion ($51 billion) of unfunded tax cuts, made things worse as it rattled the markets, causing the pound to fall and mortgage rates to jump significantly higher….