Fears of a home market meltdown in Britain are sparked by mortgage chaos.

Following a slew of tax cuts announced by the government that drove interest rate forecasts skyrocketing and raised lending rates for homeowners

there are mounting concerns about a property market crash in the United Kingdom.

On September 23, Finance Minister Kwasi Kwarteng's so-called mini-budget alarmed markets with £45 billion ($50.5 billion) in debt-financed tax cuts

These are used by lenders to determine the cost of fixed-rate mortgages.

A brief programme of long-dated bond purchases launched by the Bank of England in response to the market chaos helped to temporarily stabilise the market.

But Oxford Economics Chief U.K. Economist Andrew Goodwin warned that there might still be more suffering to come, especially in the housing market.


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Why is there so much discussion about layoffs and rising unemployment if the job market is so strong?