UK house prices fall for first time in nearly three years, Lloyds says
Translated from English and summarized by DistantNews. Read the original for the full story.
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- UK house prices fell 0.4% year on year in August to an average £298,468, Lloyds reported.
- The decline marked the first annual fall since November 2023 and came as higher mortgage rates and affordability pressures squeezed buyers.
- The result fell short of economists’ forecast for a 0.2% annual increase.
UK house prices have fallen for the first time in almost three years, as higher mortgage rates and stretched affordability put pressure on prospective buyers.
The average property cost £298,468 in August, down 0.4% from a year earlier, according to lender Lloyds. It was the first year-on-year decline since November 2023.
The figures also undershot expectations. Economists polled by Reuters had forecast a 0.2% annual rise.
The Guardian attributed the fall to higher interest rates, geopolitical uncertainty and the difficulty many buyers face in meeting housing costs.
About this summary
Originally published by The Guardian in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.
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