UK House Prices Fall for First Time Since 2023, Lloyds Data Shows
Average property cost £298,468 in August, down 0.4% year on year, as London and the south-east lead a broader decline amid higher mortgage rates.
UK house prices fell in August compared with a year earlier, marking the first annual decline since November 2023, according to data released by the lender Lloyds.
The average property cost £298,468 in August, representing a 0.4% drop year on year, Lloyds said. The figure came in below expectations, with a Reuters poll of economists having forecast a 0.2% annual rise.
Lloyds attributed the decline to higher mortgage rates, geopolitical uncertainty and stretched affordability, which it said had squeezed prospective buyers.
The report identified London and the south-east of England as leading the downturn in prices.
Sources
- UK house prices fall for first time since 2023, led by London and south-east — The Guardian — Business
EGazette summarizes reporting from multiple sources; follow the links for the originals.
Comments
Loading comments…
Related articles
Mortgage Rates Jump for Sixth Straight Week, Hitting Refinance and Homebuyer Demand
Mortgage demand fell for a seventh straight week as rates on the 30-year fixed mortgage surged well above 7%, CNBC reported.
UK diesel prices break £2-per-liter mark for the first time
The RAC motoring group warned the record prices will hurt not just drivers but consumers more broadly.
Does Spain's New Anti-Eviction Decree Solve Its Housing Crisis?
The government blames 'savage speculation' for rising housing costs, while critics say the new measures leave small landlords without protection.
Iran's economy minister stresses push to strengthen comprehensive ties with China
Ali Madanizadeh said Tehran aims to make fuller use of the two countries' economic capacities across multiple sectors.
Fed's preferred inflation gauge shows core prices rose 3.0% in August, below forecasts
The personal consumption expenditures price index came in cooler than Wall Street expected, with core inflation at 3.0% versus a 3.3% forecast.
Russia extends diesel export ban for producers by one month
The extension is intended to maintain stability in the domestic fuel market amid heightened demand during the autumn harvest season.