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.
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