UK’s house prices are falling at the fastest pace since 2009, per Bloomberg.
Nationwide Building Society said the average cost of a home fell 5.3% in August from its peak in the year ago, the fastest pace since July 2009.
Values of homes were at £259,153 ($328,020), down £14,600 from August 2022.
“The impact of past rises in interest rates is building,” said Martin Beck, chief economic adviser to the EY Item Club. He expects a “slow puncture than a serious correction in house prices.”
“The softening is not surprising, given the extent of the rise in borrowing costs in recent months, which has resulted in activity in the housing market running well below pre-pandemic levels,” Nationwide Chief Economist Robert Gardner said in a report Friday.
UK’s house prices are falling at the fastest pace since 2009
9/12/2023
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