“: U.K. house prices slump in November, falling by the most since the pandemic”
U.K. house prices took a sharp tumble in November, falling by the most since the height of the pandemic, according to Nationwide Buliding Society.
The latest survey, released Thursday, showed annual house prices slowing to 4.4%, from 7.2% in October. A monthly fall of 1.4% was the biggest since June 2020, following a 0.9% fall in October.
Gardner said house prices are likely to remain subdued in coming quarters, as inflation stays elevated and further U.K. interest rate hikes look to be on the cards. He said household balance sheets remain in good shape at least for now, but affordability is becoming more stretched.
The average house price in November was £263,788 ($319,044) down from £268,282 ($324,380) in October.
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