House prices fell 1.4% in November

House prices saw the biggest monthly fall for more than two years in November, according to data from Nationwide. The 1.4% decline recorded last month is the largest month-on-month fall since June 2020 and marks the third consecutive month where values have declined. There was also a slowdown in year-on-year price growth, which came in at 4.4% in November compared to 7.2% in October. The average property price fell to £263,788 last month from £268,282 the month before, the report shows. Pointing to the impact of September’s mini-Budget, which drove up borrowing costs, Nationwide’s chief economist Robert Gardner said: “While financial market conditions have stabilised, interest rates for new mortgages remain elevated and the market has lost a significant degree of momentum.” He added that the market “looks set to remain subdued in the coming quarter,” noting that inflation “is set to remain high for some time” and interest rates are likely to rise further. 

BBC News (01/12/2022)   Financial Times (01/12/2022)   The Daily Telegraph (01/12/2022)   The Guardian (01/12/2022)