House prices see biggest fall for two years

UK house prices saw their biggest monthly fall for more than two years in November as rising interest rates put off buyers, the Nationwide has said.

Prices fell 1.4% from October, which was the largest month-on-month fall since June 2020. Annual house price growth saw a "sharp slowdown", the building society said, falling to 4.4% from 7.2% in October.

The lender added the housing market looked set to "remain subdued" in the coming months.

The average property price fell to £263,788 last month from £268,282 in October, the Nationwide said. This was a lot to do with the fallout of the mini-budget and the big rise that in mortgage rates, changing the affordability calculations for prospective buyers.

The typical mortgage payment as a share of someone's take-home pay, for a first times buyer, was at 30%. The mini-budget impact has caused this to up to around 45% of take-home pay.

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