UK house prices fall for first time in nearly three years, says Lloyds

UK house prices have declined for the first time in nearly three years, falling by 0.4% year-on-year, according to new data. The drop reflects the combined pressure of elevated mortgage rates, economic uncertainty, and strained buyer affordability. Analysts had anticipated a slight annual increase, but the actual figures fell short of expectations. The shift marks a notable reversal in the property market’s recent upward trend.

Average property cost £298,468 in August, down by 0.4% year on year owing to interest rates and uncertaintyBusiness live – latest updatesUK house prices have fallen for the first time in almost three years, as prospective buyers were squeezed by higher mortgage rates, geopolitical uncertainty and stretched affordability.Prices have dropped by 0.4% compared with a year ago, the first year-on-year decrease since November 2023, according to the lender Lloyds. That came in below expectations of a 0.2% annual rise, according to a poll of economists by Reuters. Continue reading...