House prices fell by almost £4,500, registering a 1.4 per cent month-on-month fall
The turmoil caused by the mini-budget continues to rattle the property industry, with UK house prices falling at the fastest pace in November.
On a yearly basis, the annual house price growth in the UK fell sharply to 4.4% in November, down from 7.2 per cent in October. The average house price in November dropped to £263,788, from £268,282, as the surge in mortgage rates made it harder for buyers to afford a home.Robert Gardner, Nationwide’s chief economist, said: “The fallout from the mini-budget continued to impact the market, with November seeing a sharp slowdown in annual house price growth to 4.4 per cent, from 7.
According to Mr Gardner, the overall outlook is uncertain, as much depends on how the broader economy performs, but he believes that"a relatively soft landing is still possible." “We expect house prices to fall by 10 per cent over the next two years and the reality of higher rates will bite more after Christmas. Mortgage offers made before the mini-budget will begin to lapse and increase downwards pressure on prices from 2023,” Mr Bill said.If you live on one of these your property could be worth 38% more than the average home, research reveals
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