Nationwide Index Nov 2022

[oiltrader]

Annual UK house price growth slowed to 4.4% in November, from 7.2% in October
Prices fall 1.4% month-on-month – biggest fall since June 2020 – following 0.9% drop in October

for any MN out there looking to buy, take note, and re assess

www.nationwidehousepriceindex.co.uk/reports/annual-house-price-growth-slows-sharply-in-november

Interest rate policy is certainly working. Average prices down from 272k to 263k in a couple of months. That non-budget fairy tale is going to hit these figures in the next quarter and the end of help-to-buy won’t help either.
I think we might see interest rates back at 3% by the end of 2023 at this rate.

I thought the interest rate is 3%

House prices are hugely over inflated anyways, Sellers asking for 50% more (£100ks) than what they bought their house for just 4 years ago in my area, expecting FTBs to take on record debt for them, simply unsustainable, even a 30% drop they would still be over valued. Unfortunately some people last year thought it would be a good idea to pay some sellers at least 40% more then what they they brought for a few years ago and are now looking at negative equity on the horizon at prices come down

That looks like a loss on the ‘average’ house of £4,500 a month.

I am looking to buy next year - what's the catch @oiltrader ?

Is it just that prices will fall further? I don't mind that, we have paid our current house off.

no catch. My DH says prices will go down for the next two years, but i think the next few months will be bad. once the interest rate hikes start to show in the figures and the cost of living crisis starts to bite

so glad we are mortgage free and in our forever home

I'm not doing too well on the house price ramping buzzword bingo today. I'm looking for :

House prices only go up.
They're not making any more land.
As the population keeps increasing so will house prices.
If they fall too much foreign buyers will snap them up.
Renting is dead money.
You can't go wrong with bricks and mortar.

You missed one.

‘Record immigration ensures that supply will always outstrip demand keeping prices rising’

Never mind by enlarge they won’t be the demographic with the economic ability to buy houses.