Building society Nationwide on Friday warned that house prices in the UK might begin to slide later this year as budgets are put under pressure by the rising cost of living.
The mortgage lender said that while house prices have been increasing at double-digit rates so far this year, they could start falling again.
“Higher property prices and interest rates, together with steep increases in the cost of living, mean housing has become less affordable and we expect housing market activity to slow and the rate of house price growth to moderate in the coming quarters,” Nationwide said in its annual results on Friday.
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