UK House Prices Decline for the First Time in Three Months
- Nationwide’s reading is the first major indicator for March
- Property market may be stagnating due to affordability
Britain’s property market has defied expectations for a sharp drop in prices.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
UK house prices fell for the first time in three months, suggesting the market may be stagnating due to high mortgage rates and strained affordability.
Nationwide Building Society said the average price of a home dropped 0.2% last month after 0.7% gains in each of the two previous months. Economists had expected a small increase on the month.