Britain’s House Price Slump Deepens With Warning Worse to Come

Mortgage lender figures indicate UK half way through 10% drop
Higher mortgage costs are weighing heavily on buyers

WATCH: The UK housing market is feeling the strain, even as the BOE says rates maybe nearing their peak.Source: Bloomberg

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By Eamon Farhat

September 7, 2023 at 6:08 AM UTC

Updated on

September 7, 2023 at 8:30 AM UTC

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Britain’s residential property market slump deepened, with figures from two of the top mortgage lenders indicating home prices falling at the fastest pace since 2009 and warnings of worse to come.

Halifax said Thursday the average value of a home fell 1.9% in August alone to £279,569 ($349,570), the sharpest monthly pace since November. It left prices 4.6% lower than a year ago when the value of UK property peaked.