It said higher borrowing costs for buyers had led to a slowdown in activity in the housing market.
Mortgage approvals have also been about 20% below average levels in 2019.
Mortgage approvals have also been about 20% below average levels in 2019.
That, in turn, has led to lenders raising their mortgage rates, putting increased pressure on homebuyers.
Nationwide’s chief economist Robert Gardner said the rise in the cost of borrowing meant the fall in average house prices was “not surprising”.
He said more expensive mortgages had resulted in activity in the housing market “running well below pre-pandemic levels”.
Mr Gardener said there had been a “modest shift” in the type of properties being purchased among buyers who needed a mortgage. “While transactions are lower than pre-pandemic levels across all property types, the biggest decline has been in detached houses.”
“There are signs that buyers are looking towards smaller, less expensive properties, with flats seeing a smaller decline,” he added.
Mortgage approvals have also been about 20% below average levels in 2019.
It said higher borrowing costs for buyers had led to a slowdown in activity in the housing market.
That, in turn, has led to lenders raising their mortgage rates, putting increased pressure on homebuyers.
Mortgage approvals have also been about 20% below average levels in 2019.
Mortgage approvals have also been about 20% below average levels in 2019.
That, in turn, has led to lenders raising their mortgage rates, putting increased pressure on homebuyers.
Nationwide’s chief economist Robert Gardner said the rise in the cost of borrowing meant the fall in average house prices was “not surprising”.
He said more expensive mortgages had resulted in activity in the housing market “running well below pre-pandemic levels”.
Mr Gardener said there had been a “modest shift” in the type of properties being purchased among buyers who needed a mortgage. “While transactions are lower than pre-pandemic levels across all property types, the biggest decline has been in detached houses.”
“There are signs that buyers are looking towards smaller, less expensive properties, with flats seeing a smaller decline,” he added.
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