House prices in the UK fell month on month for the first time in 15 months in October as part of the reaction to the political uncertainty that loomed over house buyers and financial markets, Nationwide Building Society said.
The 0.9 per cent drop marked the first monthly decline since July 2021 and was the biggest decrease since June 2020, when the UK was in coronavirus lockdown.
October was a month dominated by mortgages, and the fallout from former chancellor Kwasi Kwarteng’s now-disgraced and dropped mini-budget that sent the pound and the markets spiralling down while mortgage rates increased.
People have been forced to pull out of buying a house as mortgages were removed and replaced with higher interest alternatives.
Annual house price growth slowed sharply to 7.2 per cent in October, from 9.5 per cent in September, Nationwide said.
Across the UK, the average house price in October was £268,282 — and the housing market looks likely to slow in the months ahead, the society added.
“The market has undoubtedly been impacted by the turmoil following the mini-budget, which led to a sharp rise in market interest rates," Nationwide chief economist Robert Gardner said.
“Higher borrowing costs have added to stretched housing affordability at a time when household finances are already under pressure from high inflation.”
Alice Haine, personal finance analyst at the Bestinvest investment platform, said the fall in prices was the chill from the October upheaval.
“Britain’s property market is showing clear signs of strain with prices falling almost 1 per cent in October compared to September,” she said.
“It means the pandemic-fuelled, red-hot market that became the norm over the past couple of years — as buyers sought out bigger properties in the race for space, aided by temporary stamp duty incentives to boost the market — is finally at an end with a much more sobering reality going forward."
The outlook for the property market is far from rosy in the near term, Ms Haine said.
A combination of rising rates, falling real wages, a looming recession and sky-high inflation all dampen affordability levels, she said.
The first of the coronavirus lockdowns, which began in March 2020, led to a fall in house sales and prices as people were generally not able to move home.
“On the ground, new buyer inquiries almost dried up as uncertainty about the future direction of mortgage repayments added to cost-of-living concerns," said Jeremy Leaf, a north London estate agent and a former residential chairman of the Royal Institution of Chartered Surveyors (Rics).
“Activity has slowly started to resume as mortgage rates began to stabilise and are now starting to fall. Buyers are negotiating hard as they strive to take advantage of good mortgage offers, while prices continue to be supported by lack of stock.”
Jonathan Hopper, chief executive of Garrington Property Finders consultancy, said: “Sellers who just months ago could take their pick of offers are now biting off the hand of a strong, proceedable buyer — even those asking for a price reduction.”
Tom Bill, head of UK residential research at estate agency Knight Frank, said: “Government stability will help underpin transactions, but we are witnessing a fundamental shift in rates take place after 13 years of ultra-low borrowing costs that will lead to price declines.”
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
• Mistaken identity
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
The biog
Name: Shamsa Hassan Safar
Nationality: Emirati
Education: Degree in emergency medical services at Higher Colleges of Technology
Favourite book: Between two hearts- Arabic novels
Favourite music: Mohammed Abdu and modern Arabic songs
Favourite way to spend time off: Family visits and spending time with friends
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Jordan cabinet changes
In
- Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
- Dr Bassam Samir Al Talhouni, Minister of Justice
- Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
- Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
- Falah Abdalla Al Ammoush, Minister of Public Works and Housing
- Basma Moussa Ishakat, Minister of Social Development
- Dr Ghazi Monawar Al Zein, Minister of Health
- Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
- Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth
Out
- Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
- Hala Noaman “Basiso Lattouf”, Minister of Social Development
- Dr Mahmud Yassin Al Sheyab, Minister of Health
- Yahya Moussa Kasbi, Minister of Public Works and Housing
- Nayef Hamidi Al Fayez, Minister of Environment
- Majd Mohamed Shoueika, Minister of Public Sector Development
- Khalid Moussa Al Huneifat, Minister of Agriculture
- Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
- Mounir Moussa Ouwais, Minister of Water and Agriculture
- Dr Azmi Mahmud Mohafaza, Minister of Education
- Mokarram Mustafa Al Kaysi, Minister of Youth
- Basma Mohamed Al Nousour, Minister of Culture
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
