UK house prices fall for the first time in a year

I retreated UK house prices In July, for the first time in a year, higher borrowing costs due to higher interest rates and higher inflation put pressure on demand and lower prices.

Prices fell 0.1%, the first decline since June 2021, when the average home value was at 293,000 pounds, or about 350 thousand dollars, but prices are still about 12% higher than the previous year.

Rightmove estimated that the 0.5% interest rate hike approved by the Bank of England yesterday would cut about 40% per month from the income of mortgage buyers, a level not seen in the country since 2012.