House prices suffer biggest fall for 2 years

House prices suffer biggest fall for 2 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.

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

WARNING - Spray foam insulation can render your property WORTHLESS – according to RICS surveyors.

Government giving out billions in grants to homeowners to insulate and cut energy costs – including solar panels.

Pension pots lose up to 40% following bond market crisis.

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