British annual house price growth marked a further ‘sharp’ slowdown in December, mortgage lender Nationwide said, ending the year on a downbeat note as the impact of surging mortgage costs reversed some of the pandemic-led boom in the market
High-rise apartments under construction can be seen in the distance behind a row of residential housing in south London, Britain, August 6, 2021. REUTERS/Henry Nicholls
In annual terms, house price growth slowed to 2.8% in December from 4.4% in November, Nationwide said, compared with the 2.3% growth forecast in a Reuters poll. "While financial market conditions have settled, mortgage rates are taking longer to normalise and activity in the housing market has shown few signs of recovery," Nationwide chief economist Robert Gardner said in a statement.
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