UK housing market sees sharpest decline in 14 years
According to a statement from Nationwide, housing prices in the country experienced their steepest annual drop since 2009, decreasing by 3.8% in July this year.
The housing market in the UK reported a 3.8% decrease in prices in July this year, as announced by the mortgage lender, Nationwide. This marks the most severe decline since July 2009.
The statement also revealed a monthly decline of 0.2% in housing prices, bringing the average price of a home down to approximately £260,828.
Nationwide's Chief Economist, Robert Gardner, emphasized that the recent increase in policy interest rates has made it increasingly challenging for prospective homebuyers to make decisions.
Following a stagnant inflation rate of 8.7% in May, the Bank of England (BoE) raised its policy interest rate by 50 basis points, taking it from 4.50% to 5.00%.
Market expectations are now pointing towards the BoE further raising its policy interest rate to 5.25%, reaching the highest level in the past 15 years.
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