UK House Price Fall Quicker Than Expected With Higher Rates
- London prices falling 4.1% after mortgage costs surge
- Outlook is gloomy with cost-of-living squeeze on consumers
The average cost of a home fell 0.8% in March.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
UK house prices fell at the sharpest annual pace since 2009 after surging interest rates increased the cost of borrowing, one of the biggest mortgage lenders said.
The average cost of a home fell 3.1% from a year ago in March, steeper than the 2.2% drop expected by economists, Nationwide Building Society said Friday. Prices have fallen 4.6% from their peak in August, bringing the average value to £257,122 ($318,320).