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U.K. House Prices Decline for First Time in Seven Months

  • Annual price gains slowed, Nationwide Building Society reports
  • Mortgage lender sees market cooling, ‘perhaps sharply’
London Luxury Property as Virus Hits Sales
Photographer: Hollie Adams/Bloomberg

U.K. house prices fell last month for the first time since June as a temporary cut in the tax on purchases approached its expiration date.

Values fell 0.3% from a month earlier to an average of 229,748 pounds ($314,000), Nationwide Building Society said Tuesday. They climbed 6.4% from a year earlier, slowing from 7.3% in December.