The average house price in August was 259,153 pounds, the equivalent of almost 303,000 euros. In August last year, the price peaked at £273,751. Compared to July, there was a decrease of 0.8 percent.
“August brought a further weakening of annual home price growth to -5.3 percent – after -3.8 percent in July – the biggest drop since July 2009,” said Robert Gardner, Nationwide’s chief economist. mortgage lender says it is not surprised by the fall in house prices, saying activity in the UK housing market is now significantly lower than before the corona pandemic.
To combat high inflation, the Bank of England has raised interest rates fourteen times since December 2021. This has led to a sharp rise in mortgage interest rates, which has made home buyers more cautious.
LOOK. Nearly 30,000 Belgians bought foreign real estate last year