British house prices last month dropped by the most in more than 10 years, mortgage lender Nationwide said on Wednesday, adding to signs of a slowdown in the housing market in the face of high inflation and rising borrowing costs.
Economists polled by Reuters had expected prices to fall by 0.9% from a year earlier and by 0.4% in monthly terms.Reuters Graphics Reuters Graphics
Nationwide chief economist Robert Gardner said the market would struggle to recover in the near term given the risk of a recession, and mortgage payments were well above their average as a share of take-home pay. "Solid gains in nominal incomes together with weak or declining house prices will also support housing affordability, especially if mortgage rates edge lower in the coming months."Gabriella Dickens, an economist with consultancy Pantheon Macroeconomics, said she expected house prices would fall to about 8% below last year's peak.
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