UK house prices recorded an unexpected decline in August, according to data from mortgage lender Nationwide. The figures showed average prices slipping 0.4% from July, reversing a slight uptick in the previous month. On an annual basis, prices were 0.7% lower compared with August last year.
The fall contrasts with forecasts that predicted stability in the housing market, buoyed by expectations of potential Bank of England rate cuts later this year. Analysts said higher borrowing costs and affordability pressures continue to weigh on buyer demand, despite some signs of easing mortgage rates.
Nationwide noted that while the property market has shown resilience in 2024, recovery remains fragile and closely tied to interest rate movements. The data suggests that sustained growth in house prices is unlikely until borrowing costs ease more significantly.
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