In October, home prices in Britain fell at the fastest monthly rate since February of 2021, as the real estate market continues to weaken in yet another example of fallout from the government’s economic plan.

A new report by mortgage lender Halifax showed property prices dropped 0.4% month over month in October, after only falling 0.1% in September. The average cost of a home declined to £292,598 ($334,508)

Halifax attributed the sudden fall to the September 23 “mini-budget” offered by the administration of former Prime Minister Liz Truss, which consisted of a broad swath of broadly-targeted tax cuts, without any explanation of how the government intended to pay for them. The proposal sent British financial markets into freefall, and drove up borrowing costs. The Bank of England eventually was forced to step in to save the bond market, as the whole debacle essentially ended the tenure of Truss as Prime Minister and ushered in the administration of new Prime Minister Rishi Sunak.

Halifax Mortgages director Kim Kinnaird said, “While a post-pandemic slowdown was expected, there’s no doubt the housing market received a significant shock as a result of the mini-budget which saw a sudden acceleration in mortgage rate increases.”

Sunak, and his new Chancellor Jeremy Hunt, have indicated they will respond to the crisis by increasing taxes and cutting government spending. However Halifax noted this will likely only add to the downward pressures on home prices.

Halifax added, “while the pace of annual growth also continued to ease, to +8.3% compared to +9.8% in September, average prices remain near record highs.”

The report noted that home prices are still up more than £22,000 (over $25,000) on average over the last 12 months and by nearly £60,000 (+25.7%) over the past three years, which it called “significant.”