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12/1/2022, 8:00 AM (Source: TeleTrader)
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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.

Baha Breaking News (BBN) / NP