UK annual house price growth drops to 4.4% in November
Annual house price growth in the United Kingdom was reported at 4.4% in November, according to the Nationwide House Price Index released on Thursday. The figure marks a significant drop from October when annual house price growth stood at 7.2%.
On a monthly basis, the index was down by 1.4% on a seasonally adjusted basis, while the average house price in the country in November stood at £263,788.
Nationwide's chief economist, Robert Gardner noted the market continued to be impacted by the "fallout" from the mini-budget. "While financial market conditions have stabilized, interest rates for new mortgages remain elevated and the market has lost a significant degree of momentum. Housing affordability for potential buyers and home movers has become much more stretched at a time when household finances are already under pressure from high inflation," he said.