According to Nationwide’s latest House Price Report, the cost of an average home slid by 0.8 per cent from a month earlier and the annual rate of house price inflation now stands at 6.9 per cent, down from 9.7 per cent reported in October.
The price of a typical house in the UK is now £184,099, almost £12,000 more than this time last year.
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Fionnuala Earley, Nationwide’s Chief Economist, said:Novembers data confirms that the housing market is indeed cooling in line with the weakening in housing market drivers.
“Poor affordability, weaker house price growth expectations and the effect of earlier increases in interest rates have all affected demand in the market.”
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And this isn’t the end of the downturn as Nationwide expects this activity to continue to fall back throughout the rest of this year, and into the next.
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