UK house prices fall at steepest rate in over three years in October

UK house prices declined by 0.6% in October, the steepest monthly drop in more than three years, according to The Guardian.

This fall marks the fourth month in a row of declining house prices in the UK, with the average property price falling to £296,285 last month, Lloyds reported.

High mortgage rates have been identified as a significant factor impacting the housing market and contributing to the price decreases.

Reports indicate this period includes the biggest annual fall in UK house prices in three years, highlighting ongoing challenges in the market.