Nationwide Building Society has released its latest House Price Index for October 2022 - and the figures indicate a slowing in UK house price growth to 7.2% for the month. This compares to 9.5% growth in September 2022.
The company states that the average UK house price is now £268,282, down from £272,259 at the same time in the previous month, which is a 0.9% month-on-month price drop. Taking account of seasonal effects, this is the first such fall since July 2021, and the largest since June 2020.
Robert Gardner, Nationwide's chief economist, said: "The market has undoubtedly been impacted by the turmoil following the mini-Budget, which led to a sharp rise in market interest rates. Higher borrowing costs have added to stretched housing affordability at a time when household finances are already under pressure from high inflation.
