House prices edged up 0.2% last month amid “encouraging signs” that mortgage rates are starting to come down, the Nationwide has said.
The building society said financial markets estimated interest rates had peaked and would start to come down, easing affordability pressures.
But its chief economist warned it would be unrealistic to expect a big drop in rates and that it would take time.
But its chief economist warned it would be unrealistic to expect a big drop in rates and that it would take time.
The Bank has increased its base rate in an attempt to slow down inflation, which is the rate at which consumer prices rise, and ease the cost of living.
But these higher interest rates have pushed up mortgage rates, making it more expensive for people to afford to buy homes.
The slowdown in the housing market has led to house prices falling year on year, according to Nationwide, with its latest data suggesting property prices were 2% lower in November compared with the same month last year.
However, the building society’s data is based on its own mortgage lending, so the figures do not include those who purchase homes with cash or buy-to-let deals. According to the latest official data, cash buyers account for more than a third of housing sales.
House prices edged up 0.2% last month amid “encouraging signs” that mortgage rates are starting to come down, the Nationwide has said.
But its chief economist warned it would be unrealistic to expect a big drop in rates and that it would take time.
The building society said financial markets estimated interest rates had peaked and would start to come down, easing affordability pressures.
The Bank has increased its base rate in an attempt to slow down inflation, which is the rate at which consumer prices rise, and ease the cost of living.
But its chief economist warned it would be unrealistic to expect a big drop in rates and that it would take time.
But its chief economist warned it would be unrealistic to expect a big drop in rates and that it would take time.
The Bank has increased its base rate in an attempt to slow down inflation, which is the rate at which consumer prices rise, and ease the cost of living.
But these higher interest rates have pushed up mortgage rates, making it more expensive for people to afford to buy homes.
The slowdown in the housing market has led to house prices falling year on year, according to Nationwide, with its latest data suggesting property prices were 2% lower in November compared with the same month last year.
However, the building society’s data is based on its own mortgage lending, so the figures do not include those who purchase homes with cash or buy-to-let deals. According to the latest official data, cash buyers account for more than a third of housing sales.
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