House price growth slowed sharply in September also according to official data, adding to the deepening economic gloom.
The ONS said UK average house prices increased 9.5% over the year to September, down from 13.1% in August and a high of 15.2% in July.
Between August and September house prices were unchanged on an unadjusted basis, the first time they have stalled on a monthly basis since October 2021.
On a seasonally-adjusted basis they nudged 0.1% higher.
The average price of a house in the UK was £295,000, unchanged on August and £26,000 higher than September 2021.
“September’s official data suggest house prices have stalled in the face of surging mortgage rates,” said Gabriella Dickens at Pantheon.
“It was inevitable that house prices eventually would succumb to the huge jump in mortgage rates this year: indeed, timelier data suggest that house prices are now firmly falling.
“Admittedly mortgage rates should come down from the very high levels seen in October.”