Homeowners are being hit from two sides as average house prices fall at the same time as mortgage rates rise, new figures show. The average price tag on a home fell by more than £4,000 in November compared with the previous month, according to a property website.
It comes in the wake of months of interest rate rises, which have added hundreds of pounds to many people's mortgages for those not on fixed rate deals. And now the value of their homes is falling. There was bad news for renters too, with the average monthly costs passing £1,200 for the first time.
Across Britain, the average price of a newly marketed home in November was £366,999, Rightmove said. The £4,159 drop in the average asking price compared with October equates to a 1.1% month-on-month fall.
