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UK house prices have suffered their first annual fall in three years, dropping 0.4% in the 12 months to August to an average of £298,468, according to Lloyds. Higher mortgage rates and economic uncertainty have weakened activity, while mortgage approvals have fallen to their lowest level since early 2024. London saw a 1.5% decrease, while the South East experienced a 1.6% drop. By contrast, prices continue to rise in northern England, Scotland and Northern Ireland, led by Northern Ireland at 6.9% and Scotland at 3.5%. Andrew Asaam, mortgages director at Lloyds, noted that many sellers are hesitant to lower prices, leading to a stagnant market. He anticipates subdued conditions ahead, especially with the upcoming October Budget influencing buyer and seller decisions. |
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City AM (08/09/2026) Daily Mail (08/09/2026) The Daily Telegraph (08/09/2026) The Guardian (08/09/2026) |