UK house prices have dropped at the sharpest annual rate since July 2009, with a decline of 3.8% reported in July 2023. Nationwide Building Society reveals that house prices have fallen again month on month, down 0.2% from June, in accordance with our house price predictions for the next five years.
Property prices this year have seen a continuous decline as a result of inflation, increased mortgage rates, and not to mention the looming cost of living crisis. While on paper, the concept of fallen property prices looks desirable, according to Nationwide, higher mortgage interest rates, unfortunately, continue to make affordability a challenge for those looking to buy a house.
