House prices suffer biggest fall for 2 years as higher mortgage rates hit affordability.
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UK house prices saw their worst monthly drop for over two years in November as rising interest rates slowed down the property market, the Nationwide has said.
· Prices fell by 1.4% from October 2022 - the largest month-on-month fall since June 2020.
· Annual house price growth saw a "sharp slowdown", the Nationwide building society figures revealed, plummeting to 4.4% from 7.2% in October.
· The lender added the housing market will "remain subdued" in the coming months.
The UK government's own official forecaster predicted that house prices will fall by 9% over the next two years as affordability issues weigh on demand, and the Bank of England said we are entering the worst recession on record.
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The average property price fell to £263,788 last month from £268,282 in October, the Nationwide said.
WARNING - Spray foam insulation can render your property WORTHLESS – according to RICS surveyors.
Government giving out billions in grants to homeowners to insulate and cut energy costs – including solar panels.
Pension pots lose up to 40% following bond market crisis.
The financial services industry has let us down with poor advice and products, low fund performance and high charges and fees.
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Don’t rely on the financial services industry, financial advisers or the government to fund your retirement.
· 3 million people have lost track of their pension pots.
· £27 billion in pensions lies unclaimed in insurance company coffers…visit the ‘gov.uk website to track your old pensions.
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