UK House Prices Fall the Most Since Start of Covid Pandemic
- Higher mortgage rates and political turmoil take a toll
- Headwinds facing market may trigger a longer-term drop
UK mortgage rates have been close to peaks last seen in the 2008 financial crisis.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
UK house prices fell the most since the start of the pandemic in October as political and market turmoil sent shock waves through the property market.
The average value of a home dropped 0.9% to £268,282 ($309,500), Nationwide Building Society said Tuesday. It was the largest decline since June 2020 and much sharper than the 0.3% reduction that economists had expected.