House prices see biggest fall for two years, says Nationwide - The Evesham Observer

House prices see biggest fall for two years, says Nationwide

Evesham Editorial 1st Dec, 2022   0

UK house prices saw their biggest monthly fall for more than two years in November as rising interest rates put off buyers, the Nationwide has said.

Prices fell 1.4 per cent from October, which was the largest month-on-month fall since June 2020.

Annual house price growth saw a “sharp slowdown”, the building society said, falling to 4.4 per cent from 7.2 per cent in October.

The lender added the housing market looked set to “remain subdued” in the coming months.

Earlier this month, the government’s official forecaster predicted that house prices will fall by nine per cent over the next two years as affordability issues weigh on demand.

The average property price fell to £263,788 last month from £268,282 in October, the Nationwide said.

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