In a statement released today (3 October), deVere said it will temporarily close its property investment division with immediate effect, owing to increased inflation fears that it said will lead to more aggressive rate hikes in order to combat rising prices.
Mini Budget threatens UK credit rating
James Green, deVere Group investment director, said the group had become "concerned" about the availability of credit, which could lead to an "imminent drop" in property prices, and would be "temporarily suspending all property investment projects" as a result.
This follows the news that last week banks were pulling mortgage products amid fears of even higher interest rates, with more than 40% of products removed from sale so far.
Nigel Green, deVere founder and CEO, said the chancellor and prime minister had "recklessly gambled with the UK economy".
"The pound, gilt market, the stock market and now the property market all reacted phenomenally negatively to their plans as the pull away from UK plc gathers momentum," he said.
He added that many of deVere's clients were concerned about their own mortgages and had drafted a dedicated team in order to assist with enquiries.