UK House Prices Are Falling Again — And There’s More Pain Ahead
- Consumer budgets squeezed by inflation and interest rates
- Outlook poses a danger for Rishi Sunak before next election
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The UK housing market is sputtering again, with economists predicting that the downturn has further to run as rising interest rates bite into the budgets of consumers.
Data Thursday showing that house prices had resumed their decline last month and mortgage approvals unexpectedly fell in April came as former US Treasury Secretary Larry Summers and Moody’s both warned the UK is facing a recession.