Thanks for joining me. House prices fell unexpectedly last month as mortgage borrowers prepare for a jump in interest rates.

Typical property values declined by 0.2pc during September, reversing 0.2pc growth in August, according to the Nationwide house price index.

The figure was much worse than analysts had forecasts, with most expecting prices to remain steady.

Over the course of the year to September, the rate of house price growth halved from 1.6pc to 0.8pc, which was the weakest rate since December 2025.

The value of the average home has fallen to £274,251 over concerns the Bank of England is on the cusp of raising interest rates, making borrowing more expensive for mortgage holders.

Money markets indicate there is an 84pc chance policymakers will raise rates from 3.75pc to 4pc in November in an effort to bring down inflation caused by the Iran war energy shock.

Robert Gardner, chief economist at Nationwide, said:“Market activity and house prices have remained subdued in recent months, in part…