UK house prices have plunged at the sharpest annual rate seen in 15 years, making the average cost of a home much cheaper. According to Nationwide, property prices fell by 5.3 percent in August marking the biggest yearly percentage drop since July 2009.
This now takes the average house price across the UK down to £259,153 which represents an annual fall of around £14,600 on a typical home.
Experts say activity in the property market is now running 'well below pre-pandemic levels' as buyer demand has slumped thanks to sky-high mortgage rates and the increased cost of living.
Speaking about Nationwide's latest house price index, Robert Gardner, Nationwide’s chief economist, said: “August saw a further softening in the annual rate of house price growth to minus 5.3 percent, from minus 3.8 percent in July, the weakest rate since July 2009.” Try MEN Premium for FREE by clicking here for no ads, fun puzzles and brilliant new features. He said the softening 'is not surprising', given the extent of the rise in mortgage rates in recent months, which has resulted in activity in the property market running 'well below pre-pandemic levels.' “For example, mortgage approvals have been around 20 percent below the 2019 average in recent months and mortgage application data suggests the weakness has been maintained more recently," Robert added.
Read more on manchestereveningnews.co.uk
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.