The price of the average property in January was £258,297, a decline of 0.6% on December.
monthly changeThe information you provided on your monthly payments would not be sufficient to pay off your mortgage within the number of years given.
"Longer-term interest rates have started to edge down and should we see that continue, that should feed into lower mortgage prices and provide some easing in the affordability pressures," its senior economist Andrew Harvey told BBC Radio 4's Today programme.Mortgage rates rose throughout last year as the Bank of England put up interest rates to tackle the soaring cost of living.
Since then markets have calmed and mortgage rates have fallen back somewhat, but they remain much higher than a year ago. And while annual house prices are still rising, albeit more slowly than before, Tom Bill, head of UK residential research at Knight Frank, said the UK housing market was "headed for an annual fall in prices as mortgage rates remain notably higher than 12 months ago".Nationwide's latest figures suggest mortgages are less affordable in all regions compared with 2021, with the cost of servicing the typical mortgage as a share of take-home pay at or above the long-run average.
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