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Average UK House Price Falls for First Time Since 2023
Lloyds said the average UK home cost £298,468 in August, with buyers holding back as higher borrowing costs and uncertainty weighed on demand.
- On Monday, Lloyds reported British house prices fell 0.4% annually in August, marking the first yearly decline since November 2023 as buyers held back due to higher borrowing costs following the U.S.-Iran war.
- Andrew Asaam, mortgages director at Lloyds, noted the average property now costs £298,468, explaining that homeowners are choosing to sit tight rather than cut prices amid global economic uncertainty.
- While Northern Ireland recorded 6.9% annual growth and Scotland rose 3.5%, rival Nationwide Building Society reported 1.6% annual growth in August, illustrating varied performance across Britain.
- Ruth Gregory, deputy chief economist at Capital Economics, expects house prices to flatline as two-year fixed-rate mortgages may rise to nearly 5% this month from 4.8% in July.
- Despite recent volatility, average house prices remain around 25% higher than at the end of 2019, though Asaam expects the market to remain fairly subdued in the coming months.
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UK house prices fall for first time since 2023 as mortgage rates climb
Property prices across Britain fell for the first time as mortgage costs surge, with the typical home now valued at £298,468. The 0.4 per cent annual decline recorded in August represents the first year-on-year drop since November 2023, according to Lloyds Banking Group.Values also slipped 0.2 per cent compared with the previous month, following a 0.1 per cent monthly fall in July.Andrew Asaam, mortgages director at Lloyds, said: "The average pr…
·London, United Kingdom
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UK house prices fall for first time since November 2023, Lloyds data shows
·London, United Kingdom
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Total News Sources18
Leaning Left3Leaning Right4Center6Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 23%
C 46%
R 31%
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