UK house prices fall for first time in nearly three years, says Lloyds
Summary
UK house prices fell by 0.4% compared to a year ago, marking the first annual drop in almost three years. Higher mortgage rates, economic uncertainty, and affordability issues have made buyers cautious, while sellers are reluctant to lower prices significantly.Key Facts
- UK house prices dropped 0.4% year-on-year, the first fall since November 2023.
- The average house price in August was £298,468, down 0.2% from July.
- Higher mortgage rates, around 5.6% for two-year fixed loans, have reduced buyer activity.
- Mortgage approvals hit their lowest point since the start of 2024.
- London and the south-east saw price falls of about 1.5% and 1.6%, respectively.
- Northern Ireland had the highest price growth, up 6.9%, while Scotland and Wales also saw modest increases.
- Sellers are mostly holding firm on prices, while buyers wait to see how interest rates will change.
- Economic worries like inflation and geopolitical issues are affecting the housing market.
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