Real Estate

UK house prices post sharpest annual fall for a decade


March 1, 2023: U.K. house prices saw their sharpest annual decline since 2012 in February, according to Nationwide.

Christopher Furlong | Getty Images News | Getty Images

LONDON — U.K. house prices fell by 1.1% annually in February, their first annual decline since June 2020 and the sharpest contraction since November 2012, according to a widely-watched report from building society Nationwide.

February saw a 0.5% month-on-month fall, with prices now 3.7% lower than their August 2022 peak as higher mortgage rates and a cost-of-living crisis continued to deter homebuying.

“The recent run of weak house price data began with the financial market turbulence in response to the mini-Budget at the…


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