UK HOUSE PRICES FALL FOR FOURTH MONTH IN A ROW, THE LONGEST RUN SINCE 2008 – THE GUARDIAN
Annual growth rate cools in December and average price of property drops to £262,068, says Nationwide.
Property prices in the UK fell for the fourth month in a row in December, the longest run of declines since 2008, according to Nationwide.
Annual house price growth also slowed sharply as the year drew to a close, to the lowest rate since mid-2020, with all regions of the country affected, according to the building society’s monthly survey.
The average price of a property fell by 0.1% month on month to £262,068 – a much smaller drop than in the previous two months – which left prices 2.5% lower than their August peak, after taking seasonal effects into account.
The annual growth rate cooled to 2.8% in December from 4.4% in November, Nationwide said. This is the lowest since July 2020, when it was 1.5%.
House price growth slowed in all UK regions, particularly in south-west England, where the annual rate fell from 12.5% to 4.3% in the last quarter, while in Wales annual growth slowed from 12.1% to 4.5%. England overall recorded a rate of 4.8%, down from 9.9%, with London the weakest performing English region, as annual growth eased to 4.1% from 6.7% in the third quarter.
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