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House prices see biggest fall for two years, says Nationwide

Lifestyle / Thu 1st Dec 2022 at 09:17am

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 reports the BBC.

Prices fell 1.4% 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% from 7.2% in October. 

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

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https://www.bbc.com/news/business-63818942?at_campaign=Social_Flow&at_link_type=web_link&at_format=link&at_bbc_team=editorial&at_link_origin=BBCScotlandNews&at_campaign_type=owned&at_link_id=7667A754-714D-11ED-AD64-AE5D0EDC252D&at_medium=social&at_ptr_name=twitter

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2 Comments for House prices see biggest fall for two years, says Nationwide:

adam
2022-12-01 15:28:48

Good, in a country with an average wage of 30K ish houses should be 100-150K for a good family home, in a nice area like church langley or newhall (I can hear the shrieks now) Sadly the banks and boomers have just got greedy, and where allowed to under labour gov of 2000-2007 which is when they really went crazy. Remember the end of boom and bust, which party declared that. So let it all collapse and yes I say that as a home owner who would lose money. So many issues stem back to insane high house prices and it needs to be address. Low house prices are better for us all.

David Forman
2022-12-02 05:45:13

Artificially low interest rates, a lack of council house building, buy to let mortgages and foreign housing investors have escalated house prices beyond what most ordinary working people can afford. Good to see a correction in the housing market, but obviously sad that many first time buyers will suffer. However, this is the harsh reality with a speculative housing market.

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