Average house prices in the UK fell for the fifth month in a row in January, as mortgage rates remain at a high level and the cost of living continues to soar.
According to the Nationwide building society, the average price of a home slid to £258,297 ($318,817) in January, a fall of 0.6 percent or almost £4,000 from the previous month.
Annual house price growth also slowed to 1.1 percent, from 2.8 percent in December, and the typical property value is now 3.2 percent lower than its August peak.
This is the lowest annual growth rate since June 2020, when house prices fell by 0.1 percent annually amid the COVID-19 pandemic….