UK house prices drop at their fastest rate since 2009

UK house prices are down £14,000 over the last year as buyers retreat from the market, the latest data from Halifax showed.

houses
(Image credit: Getty Images)

UK house prices saw their largest year-on-year decrease since 2009 in August, data from Halifax has shown, as higher interest rates weigh on buyer demand.

House prices haven fallen consistently in 2023. The Bank of England has hiked its base rate fourteen times in a row, taking it to 5.25% which has increased mortgage rates, pricing buyers out or deterring others from purchasing a home.

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Nic studied for a BA in journalism at Cardiff University, and has an MA in magazine journalism from City University. She has previously worked for MoneyWeek.