One estate agent said the decline is 'almost certainly a consequence of a disastrous mini-budget'.
The number of mortgage approvals being made to home buyers fell to its lowest level in more than two years in October.
Jason Tebb, chief executive officer of property search website OnTheMarket.com, said: “Our own figures show sentiment remained remarkably robust in October despite political and economic uncertainty, with 60% of properties sold subject to contract within 30 days of being advertised for sale.” “Variable-rate mortgages, for example, are cheaper than fixed-rate deals, however they do track interest rates, making it likely they will go up in the months ahead. However, once rates hit their peak next spring, they are expected to come down, so it could result in short-term pain for long-term gain.”
But this was still above the average monthly net flow of £5.3 billion during the previous six months, the Bank said. The effective rate on new personal loans to individuals increased to 7.23% in October, marking the highest level since December 2018, when it was 7.45%.
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