UK House Prices Fall More Sharply After Mortgage Costs Jump
- Drop in November is sharpest since start of Covid pandemic
- Monthly payments may double for households that refinance
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UK house prices are falling more sharply than expected after a jump in borrowing costs quelled demand, Nationwide Building Society said.
The mortgage lender said home prices fell 1.4% in November, the fastest drop since June 2020. Excluding the pandemic, prices haven’t fallen this sharply since the global financial crisis more than a decade ago. Economists had expected a 0.4% drop.