House prices see biggest fall for two years, says Nationwideon December 1, 2022 at 7:47 am

House prices saw a sharp slowdown in annual growth during November, the Nationwide has said, as rising interest rates hit the market.

Annual house price growth fell to 4.4% from 7.2% in October, the building society said.

Prices during November fell 1.4% from the month before, which was the largest monthly fall since June 2020.

The lender added that the housing market looked set to “remain subdued” in the coming months.

Earlier this month, the government’s official forecaster predicted that house prices will fall for the next two years.

A drop of 9% is expected between now and autumn 2024, the Office for Budget Responsibility said.