First-time buyers pulled back most from purchasing a home after the increase in mortgage costs following the mini-budget, according to a report showing a widespread slowdown in the property market.

Bleak Autumn Statement Forecast After Mortgage Rates Jump.

Chancellor Jeremy Hunt stood up to deliver his  crunch Autumn Statement, with Rishi Sunak's Government eager to repair Britain's reputation for fiscal discipline after September's disastrous mini-budget.

Savills has forecast a 10% fall in house prices next year, a significant downgrade from the one per cent drop the estate agency predicted in May.

Properties taken back by banks rise 15% in three months as mortgage rates shoot up.

Capital values decreased by -6.8% across all UK commercial property in October 2022, according to the latest CBRE Monthly Index.

Rising mortgage costs are making buyers cautious, the Royal Institution of Chartered Surveyors (RICS) said. But rents are expected to continue rising, as property demand outstrips supply.

Expert says “we are now seeing the end of constant increases”.