House Prices Suffer Biggest Fall For Two Years

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UK house prices saw their worst monthly drop for over two years in November as rising interest rates slowed down the property market, the Nationwide has said.

• Prices fell by 1.4% from October 2022 - the largest month-on-month fall since June 2020.
• Annual house price growth saw a "sharp slowdown", the Nationwide building society figures revealed, plummeting to 4.4% from 7.2% in October.
• The lender added the housing market will "remain subdued" in the coming months.

The UK government's own official forecaster predicted that house prices will fall by 9% over the next two years as affordability issues weigh on demand, and the Bank of England said we are entering the worst recession on record.

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

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