Kwasi Kwarteng's failed mini-budget has been blamed for the sharp decline in house prices.
That was the first decline since July 2021, and means a typical UK home is worth £268,282. And the lender expects the market to slow even further.
Robert Gardner, Nationwide’s chief economist, said: ‘The market has undoubtedly been impacted by the turmoil following the mini-budget, which led to a sharp rise in market interest rates. ‘Higher borrowing costs have added to stretched housing affordability at a time when household finances are under pressure from high inflation.
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