This is the Guardian.

Today, mortgage payments are house prices down.

What is going on inside Britain's housing market?

The average price of a property in the UK had hit £295,000, almost 9 times the average salary,

and it's spiraling to more than half a million if you were buying in London.

I haven't seen a market that heated in the 10 years I've worked here.

Peter May is the sales director of an independent estate agency in North East London,

and he's walking me through my old neighbourhood, past familiar cafes and Turkish grocers,

and rows of lovely Victorian terraces.

For a very long time, as an area we're capping out in value roughly 1.6, maybe 1.7 if we were lucky.

Did you say a million by the way just to clarify it was 1.6, 1.6 or 1.7 million pounds?

1.6 to 1.7 million pounds.

There are a handful of examples where we've broken the £2 million mark.

It couldn't and didn't last.

We were expecting things to quiet down, but I don't think any of us expected it to happen this quickly.

And we were expecting things to subside.

What we were experiencing wasn't sustainable.

The fallout from Liz Trust and Quasi Quattings, mini budget in September,

took Pido the mortgage market. Interest rates shot up.

People had their mortgage offers withdrawn.

House sales fell through, and the pressure added on to the rental market became even more intense.

It really has been within a period of 2-4 weeks post-mini budget, which did compound things.

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