Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
UK house price growth slowed to 4.4% on an annual basis in November from 7.2% in October, according to the latest data from Nationwide released on Thursday.
Month-on-month prices fell by 1.4% - the biggest fall since June 2020 - following a 0.9% drop in October.
Nationwide’s Chief Economist Robert Gardner said the fallout from the mini-budget continued to impact the market. ‘While financial market conditions have stabilised, interest rates for new mortgages remain elevated and the market has lost a significant degree of momentum. Housing affordability for potential buyers and home movers has become much more stretched at a time when household finances are already under pressure from high inflation,’ he said.
Gardner added that the market looks set to remain subdued in the coming quarters.
The average house price in November was £263,788, compared to £268,282 the previous month.
Copyright 2022 Alliance News Limited. All Rights Reserved.