UK House Prices Fall At Sharpest Rate For 14 Years
UK house prices dropped at their fastest annual rate for 14 years in July, according to Nationwide.
The building society said prices had dropped by 3.8% - the biggest yearly decline since July 2009.
Nationwide said mortgage interest rates remained high, making affordability a challenge for house-buyers.
Mortgage costs hit the highest level for 15 years in July as lenders faced uncertainty over the interest rate set by the Bank of England.
The average price of a home in the UK is £260,828, said Nationwide which is about £13,000 below a peak in August last year.
Many first-time buyers should welcome a drop in house prices, which have climbed in recent years, including during the Covid pandemic.
But Nationwide said that despite July's fall, higher mortgage rates meant housing affordability remained stretched.