House prices in the UK fell by 1.1 percent year-on-year in February, the biggest annual decline for more than a decade, according to new figures from the Nationwide Building Society.
It was the biggest annual house price fall since November 2012, and the first annual decline of UK house prices since June 2020, when the property market took a hit during the outbreak of the COVID-19 pandemic.
February also saw a further monthly price fall—the sixth in a row—which leaves prices 3.7 percent below their August 2022 peak.
Nationwide’s Chief Economist Robert Gardner said, “The recent run of weak house price data began with the financial market turbulence in response to the mini-budget at the end of September last year.”…