UK House Price Declines Deepen as Borrowing Costs Cut Demand
- Nationwide sees 3.8% year-on-year decline in UK housing prices
- Mortgage rising amid Bank of England’s fight against inflation
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British home prices fell further last month as borrowing costs held back demand, one of the largest mortgage lenders said, although the rate of decline showed a chance that the market could yet avoid a hard landing.
The Nationwide Building Society said prices fell 3.8% in its July survey from a year ago, quicker than a 3.5% drop in the previous month. While economists expected a slightly larger decline of 4%, it was the third straight month that prices had fallen at their fastest pace since the global financial crisis in 2009.