Reported about 1 month ago
UK house prices fell by 0.2% in August, contrary to expectations of a 0.2% increase, marking the first drop since April. Despite the Bank of England's recent rate cuts aimed at easing borrowing costs, affordability issues persist for buyers. The average home price is now £265,375, 3% down from its 2022 peak. Nonetheless, mortgage approvals rose unexpectedly, indicating a potential increase in housing market activity in the future as economic conditions gradually improve.
Source: YAHOO