STORY
UK house prices fell by 0.4 per cent in the year to August, the first annual decline recorded by the Lloyds House Price Index since November 2023. The average price was £298,468, representing a monthly fall of 0.2 per cent.
The figures varied considerably across the country. Prices rose by 6.9 per cent in Northern Ireland and 3.5 per cent in Scotland, while falling by 1.6 per cent in south east England and 1.5 per cent in London. Lloyds said economic uncertainty and higher borrowing costs had made buyers and sellers more cautious.
The index is based upon mortgages approved by Lloyds and Halifax and does not cover every property transaction. Nationwide reported annual growth of 1.6 per cent for August, illustrating the differences between individual lenders’ measurements, while the most recent official data showed prices rising by 2 per cent in the year to June.